Bank of Jamaica defends interest rates increase

BOJ Governor Derick Latibeaudiere said once he gets an indication from the market that lower interest rates are possible, the central bank will cut them.



The central bank took the decision to hike interest rates on some interest to reduce the amount of local cash in circulation in relation to the US currency.



Increasing the interest rates means that investors would be enticed to pump their money into the savings instrument.



However, it also pushes up the cost of money.



Mr. Latibeaudiere has consistently maintained that the move is in the best interest of the country.