BOJ Intervenes in the FX Market

  • The Bank of Jamaica yesterday intervened in the local foreign exchange market through its [BOJ] Foreign Exchange Intervention and Trading Tool (B-FXITT).
  • Approximately US$30Mn at a weighted average rate of $137.48 was sold to authorized dealers and cambios and the Bank highlighted that the flash sale was necessary to smooth temporary demand and supply imbalances in the market.
  • The BOJ, in their press release, urged companies to utilize forward contracts, in the current environment where the exchange rate now moves in both directions, in order to minimize the risks associated foreign exchange obligations.

 (Source: Bank of Jamaica)