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BOJ intervenes in foreign exchange market

Thursday, July 11, 2019

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KINGSTON, Jamaica — The Bank of Jamaica (BOJ) says it has intervened in the foreign exchange market with an offer of US$30 million.

BOJ, in a statement today, said the US$30 million will be sold to authorised dealers and large cambios by means of Bank of Jamaica's Foreign Exchange Intervention and Trading Tool (B-FXITT).

BOJ said this intervention is intended to address temporary demand and supply imbalances in the market.

Earlier today, OBSERVER ONLINE reported that Opposition Spokesman on Finance, Mark Golding

was expressing concerns that the foreign exchange market was experiencing an acute shortage of supply.

“At times like these, the Bank of Jamaica must not delay intervening to restore calm to the foreign exchange market. The current arrangements governing the market also need to be reformed, so that the needs of the real sector are not subordinated to the interests of the financial sector,” said then.

The Bank of Jamaica yesterday reported that the value of the Jamaican dollar slipped to J$135.48/US$1.00 as at close of business, a depreciation in value of over 3 per cent in the first 10 days of July.

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