BOJ offers $27b in CDs as Jamaican firms report mixed quarterly results

The Bank of Jamaica on Wednesday placed $27 billion in certificates of deposit on offer to financial institutions, individuals and public sector bodies, as part of efforts to drain excess liquidity and keep inflation in check. The 30-day instrument carries a 5.75 per cent per annum rate, with interest payable at maturity on June 19 after the Government’s 25 per cent withholding tax.

Of the total issue, $25.6565 billion is being made available competitively to private financial institutions and individual investors.

Corporate earnings released for the review quarter showed uneven results across listed companies. Seprod reported profit after tax of $1.65 billion for the three months ended March 31, up 94 per cent year on year, even as revenue was affected by the lingering fallout from Hurricane Melissa on tourism and hospitality. The manufacturing and distribution group said it would continue to pursue regional growth, operational gains, stronger brands and long-term returns for shareholders amid global uncertainty and supply chain pressure.

Caribbean Producers Jamaica posted a net loss of just over US$1.1 million for the March 2026 quarter, compared with profit of US$1.8 million a year earlier. The company said the period was marked by stabilisation and recovery, particularly in hospitality markets that have not yet fully reopened.

Sterling Investments also reported weaker performance, with net profit falling about 65.7 per cent to $16.08 million. Revenue totalled $23.2 million, with the company pointing to unrealised foreign exchange losses linked to appreciation of the Jamaican dollar. Expenses, however, fell by more than 67 per cent, while equity rose 3.5 per cent.

Market data for May 19 showed heavy trading in Kintyre Holdings Jamaica Limited, Lasco Distributors Limited and Woodcat International Limited, which accounted for 43.33 per cent, 13.66 per cent and 8.92 per cent of market sales activity, respectively. Foreign exchange trading also remained active, with reported rates for the US dollar, Canadian dollar and British pound reflecting continued currency-management concerns for businesses handling imports, debt payments and overseas exposure.

The report also urged consumers and businesses to treat credit management as part of their financial infrastructure, noting that a strong profile can reduce borrowing costs and widen future options.