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BOJ intervenes in foreign exchange market

Published:Thursday | July 11, 2019 | 12:51 PM
Bank of Jamaica building in downtown Kingston
Bank of Jamaica building in downtown Kingston

The central bank intervened in the foreign exchange market this morning, July 11 by selling US$30 million to authorized dealers and large cambios by means of the Bank of Jamaica’s Foreign Exchange Intervention and Trading Tool (B-FXITT).

The bank said the intervention is intended to address temporary demand and supply imbalances in the market.

Although it only offered US$30 million for sale, it received 37 bids value at US$56.15 million but accepted only 20.

The weighted average price for accepted bids was $136.30.

The average selling rate of the US dollar is currently at $135.47.