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BOJ says forex market still relatively stable

Richard Byles
 
The Bank of Jamaica says the foreign exchange market has remained relatively stable.
 
Speaking at the central bank's quarterly press briefing on Wednesday, BOJ Governor Richard Byles said this reflects strong inflows from tourism and remittances. 
 
"To prevent undue volatility in the foreign exchange market, BOJ has sold approximately US$907 million via its B-FXITT facility over the last 12 months ended January 2024. When these sales are set against BOJ purchases however, the result is that the bank net purchased approximately US$1.3 billion over that same period," Mr. Byles noted. 
 
"In the context of the stability in the exchange rate, the general downward trend in the dollarisation has continued with individuals and businesses reflecting an increased preference to hold Jamaican dollar assets in the DTIs," he added. 
 
Trading resumed Friday with banks and cambios selling the US dollar for an average $157. 34.
 
The Canadian dollar is being sold for $116.17.
 
The Pound is going for $198.69, while the Euro is selling for an average $170.12.


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