Interest rates plunged on the latest Bank of Jamaica Certificate of deposit offer of $7 billion to the public. 
The auction attracted 295 bids amounting to $32.6 billion but only 39 bids were successful sending the average rate to down to 7.03 percent, just above the Banks’ Overnight rate of 6.75 percent.
The highest successful bid was 7.14 percent. At last week’s auction the average rate clear at 7.61 percent. Rates are down from a peak of nearly 12 percent in march this year.
The central bank continues to hold the stock of short term CDs at $120 billion.
BOJ CD rates at now at 7%
September 4, 2024 by
