Bank of Jamaica offered $31 billion worth of Certificate of deposits to the market today and was snapped up by the public with an oversubscription of $26.5 billion, with 443 bids amounting to $57.5 billion chasing after the amount offered.
The auction resulted in rates dropping again with an average yield of 7.61 percent, down from 7.99 percent last week. CD rates have fallen sharply from just under 12 percent in March as inflation in the country, dropped to an average of 4 percent currently. The average is now just under 100 basis points from the current overnight rate of 6.75 percent.
More fall in Jamaican interest rates
August 28, 2024 by
