BOJ now paying more than 4.5% on CDs

Interest rates rose to 4.53 percent in the latest Bank of Jamaica 30 day CD offering of $9.5 billion on Wednesday this week, up from 4.17 percent on Wednesday, October 13 and ended with total CDs outstanding falling by $2 billion to $44.5 billion, but there are signs that rates may be peaking, at least for now.
Signs that the rates may be peaking for a while are visible by the decline in the highest bidding rates and the much larger sum applied for at the minimum rate compared to the previous auction. The highest rate payable on the CDs is 5.5 percent, while the lowest rate applied for was 3.75 percent for $2.5 billion, this contrast with the previous auction in which the lowest bid was just $58 million at 3 percent. The highest submitted bid rate came in at 7 percent and is down from 7.99 percent in the previous auction. The auction attracted $14.74 billion from 42 applications, with 24 being successful.