Bank of Jamaica Sets $27 Billion CD Offer to Curb Inflation
On Wednesday, the Bank of Jamaica is making $27 billion in certificates of deposit available to financial institutions, individuals and public-sector agencies.
The 30-day instrument carries an annual rate of 5.75% and is being used to absorb liquidity as the central bank works to keep inflation in check.
Private financial institutions and individuals will be able to bid competitively for $25.65 billion of the total offer.
Interest is scheduled to be paid when the investment matures on June 19, after the Government's 25% withholding tax is applied.
Syndicated from Radio Jamaica News Online · originally published .
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