Thu | Aug 16, 2018

BOJ intervenes again

Published:Wednesday | January 28, 2015 | 12:00 AM

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 intra-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.

Wednesday Business was advised that BOJ also intervened on Tuesday at a rate of $115.75. The JMD closed at $115.77