Bank of Jamaica cuts interest rates
Published:Sunday | July 3, 2011 | 12:00 AM
The Bank of Jamaica (BOJ) has cut interest rates by a quarter point to 6.5 per cent on its 30-day certificate of deposit.
The cut takes effect July 4.
The BOJ cited as reasons for the adjustment exchange-rate stability backed by strong foreign reserves and expectations of inflation performing within the targeted band of six-eight per cent due to constrained domestic demand.
The central bank last adjusted rates by 50 points in February to 6.75 per cent.
Treasury bill yields have remained stable but showed signs of a reversal of the downward trajectory in the second quarter. Since March, the yield on the three-month bill has risen 10 basis points to 6.56 per cent in the June auction.