News Release                                                                                09 October 2002

 

REVERSE REPURCHASE RATE

 

Effective Wednesday 09 October 2002, the Bank of Jamaica has adjusted the rates on the 90-day and 120-day tenors of its 
open market instruments as follows:

Tenor

90-day

120-day

New Rate

19.25

19.40

Previous Rate

17.25

17.05

Change

2.00

2.35

  Rates on all other tenors remain unchanged.

  This action is in keeping with the Bank’s strong commitment to maintain orderly conditions in the foreign exchange market. 
 Recent trends in the market have not been consistent with the general availability of foreign exchange to the economy.

  The adjustment to interest rates is also being supported by the provision of US dollar liquidity by way of substantial sales of 
 foreign exchange to the market.  The Bank has the capacity and will take any further action that may be required to maintain stability.

 

 


Bank of Jamaica