Jamaica’s Central Bank
Interest rates on Certificate of Deposit issued by Bank of Jamaica seem to be levelling off, with the rate at last week’s auction declining from the previous week’s outturn.
Last week’s offer of $7.5 billion in 30 days on Wednesday, 27 October, attracted 76 applications amounting to $13 billion and resulted in an average yield of 3.96 percent, down from 4.53 percent at the auction in the previous week. Bids were received as low as 2.5 percent covering $1.48 billion, with the highest rate bid being 7.34 percent for $20 million. A bid amounting to $550 million received full allocation at 4.79 percent. The total nominal outstanding amount for the 30-day CDs on the settlement date – 29 October, will be $41.5 billion, down from $46.5 billion in mid-October.