Jamaica’s Central Bank head quarters Downtown Kingston
The exchange rate for the purchase on US$10 million on sale by Bank of Jamaica in its first official forex auction of US dollars, held on Wednesday, ended with an average of JS$128.26. The highest rate of a successful bid was J$128.30.
The rate contrast with the first auction done as a trial run, that was executed at an average rate of $128.76. Interestingly, the average selling rate that the US dollar was sold at on Wednesday in the interdealer forex market ended at an average of $128.2173 with the highest selling rate going at $147.60.
A total of 41 bids were received amounting to US$26.18 million and a total of 13 bids were accepted by the central bank. Bids are restricted to a maximum of 20 percent per institution for the amount offered with the minimum US$100,000. The highest accepted rate was $128.50 to purchase US$1,600,000. The lowest bid received was $128.30 that was partially allocated while the lowest bid fully allocated was $128.35 that purchased US$5,050,000.
Bank of Jamaica will make US$10 million dollars available to authorized dealers and eligible cambios by competitive bidding process each Wednesday, from Wednesday July 26 through Wednesday August 16, a total of US$40 million for the first four‐week period. The Bank will publish a report from each B‐BXITT operation on the same day, including the weighted average exchange rate arising from the operation.
The next forex intervention auction sale for US dollars is scheduled for Wednesday August 2, with settlement on Thursday August 3.
