Following the Bank of Jamaica’s (BOJ) intervention, the Forex market saw a bit of relief this week. The Central Bank injected US$90M into the market to alleviate the USD demand. The JMD closed at US$1: JA$141.21 this week, a $0.40 improvement week over week; the JMD also strengthened against the CA$ and British Pound.
Despite intervention in the forex market by the Bank of Jamaica (BOJ), the USD continues to slide, worrying stakeholders island wide. The USD now trades at US$1:J$135.86, a $1.28 decline over the previous week. This week the JMD has declined against all the major traded currencies.
This week in the forex market, the JMD further declined against the major currencies with the exception of the Euro. Year to date, the JMD has lost as much as 9.35% of its value. With the dollar once again depreciating rapidly against the USD, the Central Bank has intervened with a flash sale, pumping US$40M … Continued