The Bank of Jamaica has reported that 359 bids, valued at J$62.5 billion, were submitted on Wednesday for the $42 billion in liquidity it wanted to mop-up with its latest 6.25% per annum fixed rate Certificate of Deposit.
The Central Bank floated the instrument in order to contain inflation and stabilise the dollar.
It said it accepted only 282 bids, valued at the $42 billion.
The average yield for the successful bids was 5.58% per annum while the highest bid was 9.99% per annum for $250 million.
The lowest bid was five per cent per annum for two million dollars.
The total amount of fixed rate Certificates of Deposit outstanding is $80 billion, or 2.3% of nominal GDP.
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