Bank of Jamaica
By Javaughn Keyes
The Bank of Jamaica has reported that the country's foreign exchange rate remained relatively stable in 2023.
In the BOJ's Annual Report, for 2023, the Jamaica Dollar depreciated on an annual average basis by 0.5%, in relation to the US dollar.
This was a low rate of depreciation, compared to an annual average depreciation of 1.8% in 2022.
The Bank of Jamaica says it has continued to moderate excess volatility in the rate, as part of its strategy to lower inflation expectations and return inflation to the four to six per cent target range.
The BOJ says the relative stability in the foreign exchange market for 2023, occurred in the context of strong foreign exchange inflows associated with tourism and remittance inflows.
For 2023, the central bank pumped about US$956.8 million into the foreign exchange market, through the Bank of Jamaica Foreign Exchange Intervention and Trading Tool (B-FXITT) sale operations.
The BOJ says it purchased approximately US$2.2 billion from the system via surrenders from Authorised Dealers and cambios, as well as foreign exchange swap transactions.
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