Members of the private financial sector and public sector agencies wanted to purchase $26 billion worth of the Bank of Jamaica certificates of deposit on Wednesday, but the Bank of Jamaica accepted only the $22 billion that it wanted.
The money used to purchase the bank's CDs is taken out of circulation to contain inflation, which was cantering at 8.6% during the 12-month period September 2025 to September of 2026.
The average interest rate demanded by the private financial sector and the public sector agencies was 6.55% per annum.
The lowest interest rate required was 5% per annum for $4 million, while the highest bid was 8.99% for $250,000.
The total value of CDs outstanding is currently $120 billion.
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