The name Scotia has been synonymous with banking in Jamaica for over a century. The Scotia Group Jamaica Group Ltd. (SGJ) is one of Jamaica’s largest financial services group, with total assets valued at J$549B as at October 31, 2019.
This week in the forex market the JMD strengthen against the USD, GBP and Euro, but declined against the CAD.This week the JMD saw strong movements against the GBP and Euro as the JMD surged by $7.67 and $6.16, respectively.
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.
In the forex market, the JMD straighten for a second consecutive week. The JMD strengthen by as much $3.14 this week. In comparison to the benchmark USD, the JMD appreciated by $0.76 to close at $135.44.
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