The Bank of Jamaica says market participants were willing to absorb more funds than the central bank intended to withdraw during Wednesday's 6% per annum fixed rate certificate of deposit auction, underscoring strong demand for the instrument as authorities seek to contain inflation.
According to the BOJ, a total 334 bids amounting to $42.6 billion were submitted.
However, the central bank accepted 305 bids, valued at $36 billion, in line with the amount it had targeted
to remove from circulation.
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