High interest rate policy needs urgent review Posted on February 25, 2009March 1, 2009 by Your Financial FactSheet Jamaica Observer: The Jamaica Manufacturers’ Association (JMA) was right and spoke for the vast majority of Jamaicans when it called for an end to the high interest rate policy slavishly followed by succeeding governments. The JMA pointed out that the high interest rate policy repeatedly instituted and defended with ardent theological certainty by the governor of the Bank of Jamaica was ineffective in preventing the deterioration of the Jamaican dollar. In addition, it has had, and continues to have, the most pernicious impact on production and constrains our international competitiveness.