Governor of the Bank of Jamaica (BOJ) Richard Byles has again assured that there is no sign that the country is moving towards a recession.
This, follows concern, especially among the business sector, that the BOJ’s continued increase in its monetary policy interest rates will hinder the country’s economic growth.
Just last week, the Central Bank adjusted its rates by 50 basis points to 5.5 per cent.
This represents the seventh adjustment made by the Bank in months, in its bid to control inflation, which was 11.8 per cent as at April 2022.
This far exceeds the Bank’s target range of 4.6 per cent.
Speaking at a meeting of the Standing Finance Committee now underway in Parliament (July 5), Governor Byles maintained that while he understands the concerns, there is no sign of a looming recession.
He added that international forecasters, such as the International Monetary Fund have not projected a recession in the United States.