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Bank of Jamaica lowers benchmark interest rate

The Bank of Jamaica cut the policy interest rate offered on its overnight deposits by 25 basis points to 2.50%.

The central bank said it projects inflation over the next three quarters to fall below the lower end of its target of 4% to 6%, before rising toward the middle of the target in the next quarter.

The bank cited a large decline in agricultural food prices and increases in crude oil prices as the bases for its inflation expectations. The medium-term outlook for inflation reflects a slow recovery in Jamaica's real economy, despite projections showing a modest rise in economic growth.