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BOJ cuts interest rates on 30-day certificates of deposit

Published: Saturday February 23, 2013 | 10:39 am Comments 0

Come Monday, the Bank of Jamaica will be cutting the interest rate payable on it's 30-day Certificates of Deposit by 50 basis points to 5.75 per cent per annum.

The Central Bank says the revision is in the context of generally weak economic conditions and recently approved revenue measures aimed at further strengthening fiscal consolidation.

"These factors will have a dampening effect on inflationary impulses," a Central Bank spokesperson said this morning.

The Bank also said the action is consistent with the reduction in the interest rate on Government securities under the National Debt Exchange.

"These actions have occurred against the background of a staff level agreement between the Government and the International Monetary Fund on a medium- term economic programme," the BOJ spokesperson also said.

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