At today’s auction of Certificate of deposits, Bank of Jamaica received 193 bids amounting to $18.33 billion for $12 billion in 30 days CDs of which 159 bids were successful at an average rate of 6.65 percent, down from 6.75 percent last week and just shy of the Overnight rate of 6.50 percent.
Today’s auction resulted in the total outstanding amount for the 30-day CDs of $131 billion, an increase from last week of $126 billion.
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The latest issue of Treasury bill offerings saw the 182 instrument climbing 40 basis points to 6.2 percent while the 91 days T-bill rose marginally to virtually hold at 5.70 percent just a tad above the average in October.
The 28 day T-bill slipped from 5.78 percent to 5.70 percent. At the same time the main market All Jamaica Composite index continues to climb with some companies posting good increased profits.
The rise in the 192 days instrument comes against the back drop of stability in the exchange rate for November to date, very low inflation that seems headed to around than 2 percent for 2016. The change in rates also comes against the change in Bank of Jamaica policy to offer Certificate of Deposits daily to the market to bid on.
