Treasury bill rate almost steady at 1.71%

Interest rates essentially remained stable based on the latest Treasury bill auction that took place at Bank of Jamaica. The moved but was just modestly higher with a few basis points increase.
Applications were opened on Wednesday, at the Bank of Jamaica for $700 million Government of Jamaica Treasury Bills dated Friday, September 14, with maturity on Friday, December 14, 2018 for a 91 days duration. The Average Yield came out at 1.7093 percent with partial allotment at 2 percent. The offer attracted bids of $932,026,500. The latest T-bill rate comes against the back ground on the central holding their overnight policy rate at 2 percent.
At the auction in August, the 91 days Treasury bill cleared at an average of 1.694 percent with partial allotment at 1.756 percent. At that auction $1.863 billion chased after the $700,000 on offer. The 182 days instrument ended with an average rate of 1.878 percent with $2.53 billion going after the $700,000 in August.