Following weeks of anxiety over the local currency losing value to the US dollar, the Bank of Jamaica (BOJ) has again intervened in the foreign exchange market, selling US$40 million to authorized dealers and cambios.
In a statement Tuesday, the BOJ reiterated that there has been an increase in demand for foreign currency due to regular re-stocking by retailers for the Christmas season.
In addition, there has been extraordinary demand relating to portfolio transactions.
However, the Central Bank does not expect that the recent pace of exchange rate movement will be sustained.
The bank said it will only intervene to prevent disorderly market conditions.
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