The Bank of Jamaica intervened in the foreign exchange market, pumping US$30 million on Wednesday in order to ease the pressure on the dollar.
The move was prompted by the perception that the country's trade deficit will widen because of the 10- per cent tariff imposed on Jamaica exports by the United States.
Additionally, there are concerns that US immigration policies will have a negative impact on tourism and remittance flows.
NCB purchased US$6 million at J$158.11, First global bought US$4million, followed by Citibank with US$2.9 million at the same rate.
BNS and JMMB also bought US$2 million each at the same rate.
Mopping up
The central bank also said 299 bids, valued at J$50 billion, were submitted for the J$27 billion it was seeking in order to mop-up excess Jamaican dollars in a two-pronged approach to help stabilise the Jamaican dollar.
The Jamaican currency has been slipping following Trump's decision to slap the 10% tariff on Jamaican exports to the USA.
The BoJ revealed however that it had accepted only 204 bids, valued at the $27 billion it was seeking.
The average yield on successful bids was 5.72-per cent per annum.
The total sum of fixed rate CD's outstanding is $83 billion, which is programmed at $3.482 billion this fiscal year.
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