Bank of Jamaica (BOJ) Governor Richard Byles has indicated that the country could see further increases in interest rates, soon.

The bank’s latest increase to deposit-taking institutions was by 500 basis points to 6.5% per annum, effective September 30.

Speaking at an Inter-American Development Bank (IDB) seminar this morning (October 13), Governor Byles noted that the policy rate of 6.5% is a safeguard to try and keep capital in the country.

Governor Byles said a further increase in interest rates is highly likely.