The Bank of Jamaica says it will be removing another $47 billion from the financial system with a 6% per annum fixed rate certificate of deposit (CD) on Wednesday.
This is in order to prevent money from being used to buy the US dollar, leading to devaluation and higher levels of inflation.
A total of $44.65 billion will be allocated to private financial institutions and their clients on a competitive basis.
Another $2.35 billion will be allocated to public sector institutions such as the National Housing Trust, the National Insurance Fund, the Jamaica Mortgage Bank and the Urban Development Corporation.
The instrument will mature on February 6, 2026 when interest will be paid minus the 25% withholding tax.
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