Bank of Jamaica Raises CD Rates

Bank of Jamaica Raises CD Rates

Caribbean

In an attempt to stabilize the local currency, the Bank of Jamaica says it has increased interest rates for certificates of deposits. Rates for CDs with 30-day tenors increased to 17.00% from 14.65%, 60-day CDs to 17.50% from 14.85%, 90-day to 20.00% from 15.05%, 120-day to 20.20% from 15.15%, 180-day to 21.50% from 15.35% and 365-day to 24.00% from 16.70%. The BoJ says a sharp rise in the yields on bonds issued by the local government and Jamaican companies has increased demand for foreign exch

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