There has been a decline in the number of cambios operating in Jamaica.
The just released Bank of Jamaica 2017 annual report shows the total number of cambio outlets at the end of December was 138 compared to 144 during the same period in 2016.
During last year, two new cambio licences were issued while eight were closed. Seven licences were voluntarily surrendered and one revoked.
In addition, two companies ceased offering cambio services which resulted in a reduction in the number of cambio
entities to 55 compared to 57 at end-December 2016.
Meanwhile, the Bank of Jamaica says Kingston and St. Andrew continued to account for the largest concentration of cambio outlets.
In 2017, cambios also commanded 38 per cent of total foreign currency market purchases.However, this was a decrease of 1.5 percentage points relative to 2016.
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