BOJ intervenes in rigged foreign exchange market

BOJ 3Bank of Jamaica intervened in the rigged foreign exchange market on Friday by selling US$30 million to authorised dealers and cambios, the sale did not prevent the value of the Jamaican dollar from slipping 4 Jamaican cents to end at an average of $129.19 to US$1 as US$58 million was bought by dealers and US$48 million was sold to end users.
Jamaica’s foreign exchange market has been rigged by dealers since July this year as inflows to the market exceeded demand by end users by a wide margin. The central bank in said in a release on the intervention on Friday, “In response to an unwarranted and disruptive movement in the exchange rate over the past few days, Bank of Jamaica today intervened in the market by selling the funds into the market. The intervention is intended to reassure users of foreign exchange that the Bank is standing behind the preservation of orderly conditions in the market.”
“During the week of October 24, the Bank will formally give notice to holders of specified BOJ foreign-currency-denominated certificates of deposit that these instruments will be redeemed prior to their original maturity dates. The total value of these securities amounts to US$258 million. The early redemption of these CDs will add significantly to the volume of US dollar liquidity available to institutions and individuals.”
Concomitant with the decision to release funds into the market from CDs, the central also announced elsewhere fresh issues of CDs for investors to purchase.

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