The Bank of Jamaica injected US$40 million into the foreign exchange market on Thursday as part of efforts to stabilise the local currency and keep inflation within its four to six per cent target range.
More than half of the funds were taken up by NCB Financial Group, JMMB Bank, JMMB Securities and Sagicor Bank Jamaica.
The central bank says Thursday's move marks the first in a series of planned, timely and transparent foreign exchange market interventions aimed at reducing uncertainty and improving stability.
The Bank of Jamaica has also announced a further intervention of US$30 million scheduled for Friday.
It says participating institutions will be required to sell the foreign currency to end users at prices no more than J$0.20 above their purchase cost.
End users are defined as producers of goods and services who require foreign exchange to pay for essential imports and services.
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