Durrant Pate/Contributor

The Bank of Jamaica (BOJ) is reporting a marked increase in Jamaica’s dollar liquidity in the money market last week, as measured by the aggregated current balances held by Deposit-Taking Institutions (DTIs). 

As at March 6, 2026, the total aggregate current balance was J$97.76 billion, marking a 30.3% increase compared to the previous week. Demand for money market instruments was strong, as shown by the oversubscription of the BOJ’s weekly 30-day Certificate of Deposit (CD) auctions. 

Total bids amounted to J$56.78 billion, which is 13.2% above the $51.00 billion issue size, implying a bid-to-offer ratio of 1.1x, down from 1.3x previously. The average yield on the 30-day CD Auction was 5.73%, which is one basis point above the 5.72% recorded in the previous week. 

The BOJ indicates that, based on its assessment of Jamaican dollar liquidity conditions, supported by market survey results, there was no immediate need to inject additional liquidity into the financial system. 

Consequently, the bank did not conduct its scheduled 14-Day Repurchase Operation on Monday, March 2, 2026. The last auction for the 14-day repurchase agreement took place last Monday, March 9.

FX market operations

The Jamaican dollar depreciated by 0.13% against its American counterpart, with the weighted average selling rate for US$1 increasing from J$157.26 to J$157.48. The market was active last week, as participants, particularly dealers, took advantage of wider spreads before the BOJ’s anticipated B-FXIT operation next week.