Bank of Jamaica HQ.
Rates on 30 day certificate of deposit offered by Bank of Jamaica, rose marginally at the latest auction of $50 billion, with an average interest rate of 9.54 percent, up marginally from 9.47 percent last week, bringing the total amount of 30 days CD’s to $232 billion, down from $235 billion following last week’s auction.
A total of 451 bids were received by the central bank amounting to $60.8 billion of which 400 were successful. The highest interest rate payable was 9.85 percent of which 70.48 percent of the amount that was a part of the bid was satisfied.
Although CDs rates have fallen from the peak of nearly 12 percent in April they are still well off from the Bank of Jamaica’s Overnight rate of 7 percent.
