The Bank of Jamaica says it plans to withdraw another 21 billion dollars from the financial system on Wednesday through the issue of a 30-day Certificate of Deposit.
The short-term instrument will carry an interest rate of six per cent per year and will mature on July 18.
Private financial institutions and individuals will be able to compete for J$19.95 billion, while the remaining portion will be allocated to public sector bodies, including the National Insurance Fund and other government agencies.
The Bank notes that interest earned on the deposit will be taxed at a rate of 25 per cent, and the minimum investment required is 100 thousand dollars.
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