BOJ CD rate lowest since October

At the latest auction of the Bank of Jamaica Fixed Rate Certificate of Deposit held on Wednesday the average interest rate declined for a 7^th consecutive week after $52.366 billion chased after the $32 billion on offer to yield an average of 8 percent some 24 percent lower than the auction March 15 when rates peaked at 10.54 percent.
Today’s rate is the lowest since October 26 last year with an average of 7.68 percent and seems like a prelude to the central bank cutting the overnight rate this month, with inflation running at the lowest level in more than three years.
The bank received 277 bids of which 214 were successful, with the highest rate submitted being 10.25 percent but the highest successful rate was just under 8.15 percent.
The auction will result in $103 billion due on the 30 days CDS, down from $108 billion last week.