On Monday, June 26, 2023, the Bank of Jamaica (BOJ) announced the issue of a $34 Billion 30-Day Fixed Rate Certificate of Deposit, namely 7.50% BOJ FR 30D-CD 20230630 for settlement on Friday, June 30, 2023. Results of the auction showed the CD was oversubscribed 1.14 times with 321 bids received totaling $38.763 Billion. The total offer of $34 Billion was allocated with an average yield of 9.98 per cent and a price of $99.76. The highest submitted bid rate for full allocation was 12.248 per cent for $500 million. Partial allocation was 9.56 per cent with a bid rate of 12.25 per cent. Click here for more details

The Monetary Policy Committee (MPC) at its June 27-28, 2023 meeting opted to maintain the policy rate at 7.00 per cent for the sixth consecutive meeting citing balanced risks to the inflation outlook and the rate being adequate at maintaining tight Jamaican dollar liquidity and relative stability in the foreign exchange market.