The Bank of Jamaica (BOJ) says it received 177 bids, valued at $32.2 billion, for its latest $15 billion certificate of deposit offer, aimed at withdrawing cash from circulation to help stabilise the dollar.
Certificates of deposit are the BOJ's main tool for mopping up excess liquidity, with $129.2 billion now outstanding.
The average interest rate demanded was 5.93% with the lowest bid coming in at 5.5% for $18.7 million.
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