The Bank of Jamaica building, Nethersole Place, Kingston. The central bank has offered another special certificate of deposit, saying it was part of its liquidity management strategy. - File

The Bank of Jamaica (BoJ) has placed another special two-year Certificate of Deposit on the market for sale to dealers, to mop up excess cash in the system.

The offer on the variable rate instrument opened for subscription by dealers and commercial banks Thursday and remains on the market "until further advised," the central bank said.

The offer is priced at 12.21 per cent initially, payable at the end of the first quarter after the CDs are issued.

Thereafter, the price will reflect the 90-day BoJ rate plus a reset of 2.0 per cent payable each quarter.

Redemption of the CDs will be in two equal tranches in September 2008 and September 2009.

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