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Central bank intervenes again to halt slide of Jamaican dollar

More US dollars were released by the Central Bank today as it continued efforts to halt the slide in the value of the Jamaican currency.
 
For a third consecutive day, the Bank of Jamaica (BOJ) intervened in the foreign exchange market - selling US$20 million to authorized dealers and large cambios.
 
The central bank said the recipients were required to sell the funds to businesses.
 
On Tuesday, the BOJ sold US$40 million and an additional US$30 million Wednesday in an effort to address what it said were temporary demand and supply imbalances. 
 
The Central Bank revealed that the high demand for US dollars is to finance foreign currency investments.
 
The interventions follow weeks of anxiety over the local currency losing value to the US dollar.
 
On Wednesday, it slightly appreciated against the US dollar which opened trading Thursday at $141.70.
 
It reached a record high of $142.23 cents on Tuesday.


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