Bank of Jamaica
Bank of Jamaica Governor Richard Byles has revealed that the Bank spent US$1.1 billion to intervene in the foreign exchange market in order to stabilise the dollar during the 12-month period ended January 2025.
This compares with US$897 million spent during the 12 month period ended January 2024.
This is indicative of the pressures on the exchange rate due to the widening trade gap and shrinking net remittance flows.
The trade gap widened to US$4.16 billion during the first nine months of last year, while remittances dipped to US$2.851 billion during the first 11 months of last year.
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