The Bank of Jamaica (BOJ) intervened in the foreign exchange market with another US$30 million on Thursday in order to help stabilise the dollar, which fell to an all-time low of $161.89 on Wednesday.
Although the IMF says it must stop intervening in the market so frequently, the central bank has now drawn down US$590 million from the net international reserves (NIR) to prop up the dollar since the start of the year.
This is the 22nd time since the start of this year that the BOJ has intervened in the foreign exchange market.
The US$30 million pumped into the market on Thursday was however way below the amount demanded by authorised FX dealers and cambios.
The central bank received 40 bids, valued at US$70 million but it accepted only 16 of these bids for the US$30 million pumped into the market.
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