Tue | Apr 23, 2019

Bank of Jamaica intervenes again

Published:Tuesday | January 27, 2015 | 12:17 PM

The Bank of Jamaica intervened in the foreign exchange market again on Monday, selling US dollars to its dealers and cambios at about J$115.72, which was Friday's closing average, according to market sources.
There were no stipulations on the resale rate or recipients, a less restrictive approach to market interventions adopted by the BOJ since mid-December 2014.
On Monday, the central bank reported purchases of US$75.87 million for the American currency and sales of US$74.05 million.
Some brokers said supply was limited. Despite BOJ's intervention, the Jamaican dollar closed down at $115.75. In inter-day trading the US dollar is being sold as low as $94 and as high as $120.91, according to central bank data.
The BOJ disclosed last week that it had sold US$50 million into the market in three interventions since the start of the year to January 19, even while noting that the market had been buoyant.