Jamaica News » Bank Of Jamaica

Bank Of Jamaica Reduces CD Rates Again

admin — Thu, 17 Sep 2009 17:05:24 +0000

Effective today, September 17, 2009, the Bank of Jamaica has further reduced the interest rates offered on its Certificates of Deposit by 100 basis points (1%), for a cumulative 450 basis points (4.5%) since July 24, 2009. The six-month benchmark rate will therefore move to 17% per annum from 18%.

The full schedule of new rates is displayed below:
30 days – 12.50%
60 days – 13.00%
90 days – 15.50%
120 days – 15.70%
180 days – 17.00%

New-Shaped One & Ten Dollar Coins For Jamaica

admin — Mon, 24 Aug 2009 15:47:08 +0000

The Bank of Jamaica, Jamaica’s central bank, has advised that new-shaped One and Ten Dollar coins will go into general circulation on Tuesday, September 8, 2009. It is important to note that coins bearing the old designs will remain legal tender and will continue to circulate alongside the
new-shaped coins until the stock of the old-shaped coins is exhausted.

New-Shaped Jamaican One Dollar Coin
The current seven-sided design (heptagonal) of the Jamaican One Dollar, will be replaced by a round coin with the heptagonal shape within the circle. The coin will continue to bear the portrait of The Right Excellent Sir Alexander Bustamante, National Hero. All other technical specifications remain unchanged. See image below.

New-Shaped Jamaican Ten Dollar Coin
The current scalloped-shaped design of the Jamaican Ten Dollar, will be replaced by a round coin with the scalloped shape within the circle. The coin will continue to bear the portrait of The Right Excellent George William Gordon, National Hero. All other technical specifications remain unchanged. See image below.

Bank of Jamaica Reduces Rates By 150 Basis Points

admin — Thu, 30 Jul 2009 20:10:20 +0000

Effective today, Thursday, 30 July 2009, the Bank of Jamaica will reduce rates offered on all tenors of its open market instruments by 150.0 basis points.

The revised interest rate structure is detailed below:
30-day tenor – previously 16.00 | now 14.50
60-day tenor – previously 16.50 | now 15.00
90-day tenor – previously 19.00 | now 17.50
120-day tenor – previously 19.20 | now 17.70
180-day tenor – previously 20.50 | now 19.00

Jamaica To Get A $5000 Bill / Note

admin — Thu, 14 May 2009 17:52:27 +0000

The Bank of Jamaica has announced that a $5,000 bill bearing the portrait of the late former Prime Minister, Hugh Lawson Shearer, will be introduced to the monetary system in September of this year. In a press release that was issued this morning, it was announced that Bank of Jamaica Governor Derrick Lattibeaudiere will officially launch the new $5,000 note next Monday, May 18.

The press release also stated that during Monday’s launch, a proof note will be presented to Dr. Denise Eldemire Shearer, widow of the late former Prime Minister.

The last time that the Bank of Jamaica introduced a new note was in 2000 when the $1,000 bill was put in circulation. Prior to that, the $500 bill was introduced in 1994.