BOJ sells US$20 million to forex market
The Bank of Jamaica (BOJ) is reporting that it intervened in the foreign exchange market yesterday by selling US$20 million to help ease the depreciation of the local currency.
The BOJ says the sum was sold to authorised dealers and large cambios and was aimed at smoothing temporary gaps between the supply and demand in the market.
It notes that the intervention follows a similar operation of US$20 million conducted on February 6.
Noting that in an environment where the exchange rate moves in both directions, the central bank is urging businesses to use forward contracts with their financial institutions to minimise the risks associated with foreign exchange obligations.