BOJ says foreign currency market remained stable over the last year

Richard Byles
The Bank of Jamaica (BOJ) says the foreign currency market has remained stable over the last year.
BOJ Governor Richard Byles says the Jamaican dollar has gained ground on the US currency so far this year, compared to the first five months of 2022. 
"At May 18th, 2023, the Jamaican dollar appreciated against the US dollar on a year over year basis by 0.4%. This is compared to a depreciation of 3.3% recorded over the same period a year earlier. In this context, for the calendar year to date, BOJ sold approximately US$398.3 million via its B-FXITT facility and a further US$10 million to selected public enterprises, including Petrojam. When these sales are set against BOJ's purchases, the result is that the bank net purchased US$470.3 million," he reported. 
Mr. Byles said Jamaica's foreign currency reserves remain more than adequate at approximately US$4.7 billion as at May 18. 
"The bank projects that the gross reserves will continue to remain adequate in the medium term," he noted. 

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