The Bank of Jamaica says there was strong demand for its fixed rate 6 per cent certificate of deposit (CD) issue on Wednesday, with investors and money changes offering more funds than the central bank intended to withdraw from the financial system.
According to the BOJ, a total of 332 bids, valued at $62 billion, were submitted. However, the bank accepted only 275 bids, amounting to the targeted $47 billion it sought to remove from circulation.
The average interest rate in accepted bids was 6 per cent per annum.
The lowest bid rate submitted was 5.6 per cent for $1 million, while the highest was 8% per annum for $40.1 million.
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