BOJ intervenes again

BOJ intervenes again

Requires all funds be resold to end users

Friday, November 15, 2019

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Bank of Jamaica (BOJ) intervened in the foreign exchange market again yesterday, with an offer of US$20 million to be sold to authorised dealers and large cambios by means of Bank of Jamaica's Foreign Exchange Intervention and Trading Tool (B-FXITT).

The move follows two-consecutive days of intervention of a total of US$70 million.

“These interventions are intended to address temporary demand and supply imbalances in the market,” said a release from the BOJ.

For yesterday's intervention, the BOJ required that authorised dealers and large cambios re-sell all the funds to end users. End user is defined as non-financial commercial entities that are funding obligations for goods and services acquired.

This requirement is not new and actually existed prior to December 2014, the release said, adding “It has become necessary to reinstate it at this time as the larger part of BOJ interventions over the past two days has not been reaching end users due to the unusually large demand to finance foreign currency investments.”

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