BOJ intervenes again

Requires all funds be resold to end users

Friday, November 15, 2019

Print this page Email A Friend!


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.”


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT