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Bank of Jamaica to withdraw another $52 billion from circulation today

The Bank of Jamaica says it will be withdrawing another $52 billion from circulation on Wednesday in order to ease  the pressure on the dollar.
 
The central ban says private financial institutions and  individuals will have to compete for $49.4 billion of this amount, while public sector institutions, such as the National Insurance Fund and National Housing Trust, will be allocated $2.6 billion.
 
The central bank will issue a Certificate of Deposit, paying an interest rate of 6% per year. 
 
Interest on the instrument will be taxable at a rate of 25% when it matures on July 25 of this year. 
 
The minimum amount which may be deposited is 100,000 dollars.
 


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