Bank of Jamaica
The Bank of Jamaica says it received two bids from financial institutions, valued at J$900 million, for the $800 million in liquidity it wanted them to take up.
The average interest rate was 6.02 per cent per annum.
The highest submitted interest rate was 6.02 per cent for $800 million, while the lowest was 5.9% per annum for $100 million.
Meanwhile, the bank says it will be seeking to take another eight billion dollars out of circulation on Tuesday, in order to ease the pressure on the dollar.
This will be done through the offering of another Certificate of Deposit at an interest rate of 6.25 per cent per annum.
The bank also says investors will have to submit competitive bids for $7.6 billion of this amount but they do not have to do so for the remaining $400 million.
The interest paid on this instrument, which will mature on May 16, 2025, will be taxable at a rate of 25 per cent.
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