Mixed interest rate movements

Rates ended mixed on the latest issues of Government of Jamaica Treasury bills issued on Friday, June 9, following the auction of the two issues on Wednesday for $1.4 billion.
The 91 days issue for $700 million that matures in September this year resulted in an average yield of 7.86327 percent and the 182 days instrument has an average yield of 7.88671 percent.
The yield on the 182 days instrument is the lowest since August 2022 when it averaged 7.86, while the 91 days T-bill inched up from 7.82 percent in May but matched the rate in November last year and came against a background when the previous Bank of Jamaica CD average rate jumped to 9.30 percent, with only $21.36 billion going after the $22 billion the central bank offered.
The amounts of Treasury Bills applied for was $2.3 billion for the shorter term instrument and $3.06 billion for the other.

Treasury bill rates dip under 8%

Rates on Government of Jamaica Treasury bills hit their lowest level since November 2022 in this week’s auction for $2.2 billion in three tranches, due to mature in August and November this year and February 2024, resulting in rates on all three dipping under 8 percent.
The three months bill fell to 7.823 percent at this week’s auction, the lowest since November 2022, when the average rate came in at 7.96 percent. The six months instrument’s previous low of 7.96 percent in September last year came in at 7.975 percent at the recent auction and is also down from 8.32 percent in April this year. The nine months rate of 8.2 percent in July last year and 8.36 percent in April this year fell to 7.999 percent this week.
The auction saw $8.9 billion going after the three issues on the same day that $27 billion, when after the CDs that Bank of Jamaica offered, resulted in CDs rate falling under 8 percent.

BOJ CD rate dips under 8%

BOJ CD rates dipped under 8 percent for the first time since October 2022, data out of the Bank of Jamaica shows.
The Central Bank’s offer of $20 billion to the public attracted $27 billion from 216 bids in going after the amount offered with rates ranging from 7.15 percent to a high of 10.10 percent, with the highest successful rate coming in at 8.16 percent.
The average rate for accepted bids is 7.97 percent from 173 successful bids and represents the eighth consecutive fall after peaking at 10.54 percent in early March. The auction will result in the total amount of 30 days CDs standing at $104 billion, up from $101 billion previously.

BOJ CD rate lowest since October

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At the latest auction of the Bank of Jamaica Fixed Rate Certificate of Deposit held on Wednesday the average interest rate declined for a 7th 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.

BOJ CD rate falls again

Rates payable on Bank of Jamaica CD instruments declined for six consecutive weeks following applications received in response to an offer of $32 billion by the Bank of Jamaica today and resulted in an average yield of 8.11% for successful bids, down from 8.32 percent last week. 
The auction attracted 257 bids for just over $46.43 billion, with 199 successful. The lowest submitted rate was 7.5 percent and the highest at 10.25 percent, down from 11 percent in the previous auction, with a partially successful bid at 8.25 percent, down from 8.35 percent previously.
The total amount of 30 days CDs is now $103 billion, down from $106 billion last week.

More decline in interest rates

Bank of Jamaica’s latest CD offer of $20 billion attracted 186 bids amounting to $44,629,464,000, but only 75 bids were successful and resulted in the average yield of 8.32 percent for successful bids, that is down from 8.41 percent at last week’s auction and represents the fourth decline since the rates closed at 10.54 percent for the March 17 CDs.
The lowest bid at this week’s auction was 7.50 percent, down from 8 percent last week and the highest bid was 11 percent, but the highest rate for total allocation was 8.349 percent, with the highest rate for partial allocation being 8.34999 percent resulting in success for 99.30 percent of the amount applied for.
The total nominal outstanding amount for the 30-day CDs on April 21 will be $106 billion.

BOJ sucks $11 billion from money market

Bank of Jamaica sucked more money from the financial market on Wednesday, April 5, pushing the total CDs outstanding to $99 billion, up from $89 a week ago, with the average rate holding steady under 8.5 percent for a second week but the total amount of CDs outstanding is still below the record of $109.5 billion on March 1.
The bank offered $34 billion in CDs and attracted $59.7 billion from 351 bids, with only 253 successful bids getting allocated funds. The offer elicited bids as high as 13.5 percent and as low as 8 percent. The interest rate for the highest successful bid was 8.749 percent and received 75.23 percent of the amount applied for, with the highest fully satisfied rate being 8.74 percent.
At the auction on March 29, a total of 438 bids amounting to $70 million chased after the $35 billion on offer, with 302 being successful at an average rate of 8.49 percent and resulting in $88.85 billion being quarantined by the central bank. The rate on CDs fell to an average of 8.85 at the March 22 auction from the prior auction rate of 10.54 percent.

Sharp16% plunge in BOJ CD rate

The latest Bank of Jamaica 30 days CD offer on March 22 resulted in the first significant shift in interest rates, with the average rate plunging by 16 percent to 8.85 percent compared with the previous one held on March 17 2023, delivered an average rate of 10.54 percent.
The drop in rates and the amount of funds in BOJ CDs are the first signals that interest rates will be going down in the months ahead with the low level of inflation the country is now experiencing, with a monthly average of 0.20 percent monthly since November last year accompanied by revaluation of the local currency in recent weeks.
While the previous offer attracted 250 bids amounting to $14.98 billion with yields as high as 13.17 percent, the latest offer pulled in 348 bids valued at $57.86 billion, but only $18 billion was offered.
The highest successful bids for the March 22 offer received 9 percent, down sharply from the March 17 yield. BOJ cut the amount of funds held in CDs to $81.85 billion, down from $92.85 billion for the March 17 offer and $104.5 billion at the February 24 auction, which resulted in an average interest rate of 9.87 percent. BOJ has eased the tight liquidity that characterized the market for several weeks.

BOJ hikes interest rate higher to 5.50%

The Bank of Jamaica hikes its overnight rate once more by 0.50 percent to 5.50 percent following the latest meeting of the Monetary Policy Committee (MPC).
The decision the bank stated was “unanimously agreed to” by MPC who “also decided to continue pursuing other measures to contain Jamaican dollar liquidity expansion and maintain relative stability in the foreign exchange market.”
The Committee noted that “while inflation at May 2022 of 10.9 percent was lower than inflation at April 2022, core inflation remained elevated and headline inflation is likely to continue to breach the Bank’s target range over the next year.”
The MPC noted that its current decision reflects a cumulative increase in the policy rate of 500 bps since October 2021, which has taken the policy rate closer to the level that the Committee considers appropriate. The bank stated that “the measures are also aimed at reducing economic demand and, consequently, the ability of businesses to pass on price increases to consumers. These decisions are also expected to continue to support a relatively more stable foreign exchange market.”

Bank of Jamaica signaling tighter Monetary Policy

Bank of Jamaica (BOJ) announces its decision to hold the policy interest rate unchanged at 0.50 percent per annum. The Bank also decided to consider commencing a tightening of monetary policy at the next meeting of the Bank’s Monetary Policy Committee (the MPC Committee) in September and to immediately implement other measures aimed at moderating inflation expectations, including the containment of Jamaican dollar liquidity expansion.
The BOJ went on to state, “While the Bank does not target any specific level of the exchange rate, Bank of Jamaica will also seek to ensure that movements in the exchange rate do not threaten the inflation target.”
Monetary policy decisions taken by Bank of Jamaica are aimed at ensuring that the annual increase in the prices of consumer goods and services (i.e. inflation) remains within the Bank’s inflation target of 4 percent to 6 percent.
These decisions were made by a unanimous vote by the MPC. The decisions were based on the MPC’s assessment that, while inflation is likely to breach the upper bound of the Bank’s target range over the next year, starting the September 2021 quarter, inflation will gradually decelerate thereafter as the transitory effects of the pandemic fade. “Conditional on the gradual tightening of monetary accommodation, inflation is projected to remain at 5 percent over the medium term, ” the BOJ stated.

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