As interest rates continue to climb due to rising inflationary expectations, members of the commercial banking sector and building societies borrowed $5 billion from the Bank of Jamaica on Monday, despite wanting $7 billion.
The money was lent at an average interest rate of 6.87% per annum.
The interest rate offered was 6.9% for $1.3 billion, while the lowest rate offered was 6.65% per annum for $2 billion.
Seven bids for $7 billion were submitted, but the BOJ lent them only $5 billion.
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