The Bank of Jamaica sold US$40 million to the foreign exchange market on Thursday morning, but demand was more than two-and-a-half times that amount, at US$106 million.
However, Bank of Jamaica Deputy Governor for Financial Markets and Payment Systems, Natalie Haynes, says the demand figure could be misleading because the same customers may apply to multiple banks and cambios in an effort to secure the foreign exchange they need.
National Commercial Bank Jamaica was the largest buyer, purchasing US$8 million — the maximum 20 per cent of the intervention that any one bank or cambio is allowed to purchase.
Citibank Jamaica and CIBC FirstCaribbean each bought US$6 million.
The excess demand was US$66 million, prompting speculation of another intervention.
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