Bank of Jamaica
The Bank of Jamaica received 197 offers, valued at J$17.7 billion for the $8 billion it wanted to take out of circulation with its latest Certificate of Deposit.
This was in order to reduce the amount of money available to buy the US dollar and to drive up inflation.
The bank said it accepted only 126 offers for the $8 billion at an average interest rate of 5.56%.
The lowest rate was 5.3% for $500 million, while the highest rate was 7% per annum for $250 million.
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