Market interest rates over 8% in Jamaica

Bank of Jamaica sucked $64 billion out of the financial market as of April 29, in the form of 30-day CDs but that was $3 billion less than the April 14, auction, but the average rate obtained by investors was 8.23 percent, up from 7.92 percent at the middle of April.
The month end auction saw 184 bids up from 141 in the previous auction amounting to $35 billion, up from $19.37 billion previously going after the $17.5 billion that was offered, compared to $14.5 billion in the prior auction.
Only 78 bids were successful with the lowest rate at 7.10 percent for $1.48 billion, up from 7.00 percent for $104.9 million and the full allocation of $30 million at 8.74 percent compared to $50 million at 8.35 percent while there was partial allocation at 8.75 percent compared to 8.4 percent at the mid-April offering.
The CD rates compare with 4.5 percent for the BOJ overnight rate set at the end of March.