BOJ intervenes in FX market

Friday, July 12, 2019

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The Bank of Jamaica (BOJ) intervened in the foreign exchange market yesterday morning, with an offer of US$30 million sold to authorised dealers and large cambios by means of Bank of Jamaica's Foreign Exchange Intervention and Trading Tool (B-FXITT).

“This intervention is intended to address temporary demand and supply imbalances in the market,” the BOJ stated via release.

The Bank stated that the total number of bids received was 37, with a total value of US$56,150,000.

Twenty of those bids were accepted for US$30 million. The total weighted average price from the eligible bids was $135.73, while the weighted average price from the accepted bids was slightly higher at $136.30.

The highest bid price was $136.90, while the lowest was $130.

On Wednesday, the weighted average rate for buying US dollars was $133.60 to US$1, while the weighted average rate for selling US dollars was $135.48.

After the BOJ intervention on Thursday the value of the Jamaican dollar slipped further to $135.12 to US$1 buying, and to $136.33 to US$1 selling.

Financial experts suggest that there is an exceptional amount of Jamaican liquidity on the market, which could be pressuring the exchange rate.


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