FX Inflows at highest level for July

Inflows into the Jamaican foreign exchange market jumped to the highest level in July to US$61.79 million on Monday with outflows of $41.8 million and helped in bringing the month’s surplus of all currencies traded to US$140 million.
On Friday, inflows were $47.4 million and outflows of $43 million, In USA dollar trading, inflows into the system ended at US$56.4 million on Monday versus US$38 million on Friday, with outflows of US$36.6 million compared to US$34.2 million on Friday.
The value of the Jamaican dollar gained value against the US dollar with the selling rate for the US dollar ending at J$128.22 from J$128.44 previously. Dealers bought the US currency at an average of J$127.46 down from JS$127.41 on Friday.
The selling rate for the Canadian dollar fell back to J$103.12 from J$104.38 at the close on Friday, while the British Pound was less costly at the close, with J$165.90 buying the British currency versus J$166.67 and the euro, lost value against the Jamaican dollar, with it taking J$148.21 to buy the European common currency on, versus J$150.36 previously.
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.