BOJ Remains Optimistic About Jamaican Economy

The Bank of Jamaica, BOJ, remains bullish about the Jamaican economy and the country’s fiscal health.

The central bank is anticipating continued economic expansion in the short and medium term.

Addressing the bank’s quarterly media briefing on Thursday, BOJ Governor, Richard Byles, says the country remains on firm footing.

He’s also expecting increased growth in the third quarter of 2025 as the Planning Institute did earlier this week.

Chevon Campbell tells us more.

Despite considerable uncertainty in the global market, Governor Byles says the country’s macro-economic fundamentals remain well anchored.

Addressing Thursday’s quarterly briefing, he says inflation, which is currently below the target range of four to six percent, is expected to return to normal in the coming months.

In terms of other macro-economic fundamentals, Governor Byles again noted improvements in the country’s Gross Domestic Product, GDP, and foreign exchange reserves.

The country’s Net International Reserves, NIR, currently sit at a record high US $6.2-billion.

That’s more than one-hundred-and-forty percent higher than what is needed by global standards.

Governor Byles noted that economic growth will be driven by gains in tourism, agriculture and mining.

Meanwhile, the BOJ Governor is anticipating further relief for consumers in terms of commercial bank interest rates by the fourth quarter of 2025.

Richard Byles says in the long term the BOJ is considering policy initiatives to address the issue.

But he adds that the BOJ expects to see further downward reductions in the coming months following discussions with banks.

Richard Byles, Governor of the Bank of Jamaica.