During January there were some days of unusually high levels of selling of foreign exchange, which were well in excess of the amounts bought. These increased levels points to the country’s central bank having some input into the trades.
IC Insider made contact with Bank of Jamaica who provided the following response.
“Since the start of January 2014 to the 10th, BOJ’s purchase of foreign exchange from the market was a daily average of US$9.95 million. This compares with a daily average of US$8.74 million for December 2013. However, the average daily sales to the market (public sector entities) was US$11.12 million compared to US$2.0 million in December”.
