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Decline in cambios - BOJ

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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