FX market numbers not adding up

As authorized dealers bought another $18.3 million more than they sold on Wednesday questions are raised as to where these funds are ending up. Wednesday, net inflows move the net purchases since the end of June, to US$221 million.
While these inflows suggest that banks have more than enough foreign exchange to fund the market, reports are that the Central bank sold US$55 million to the market last week. The sale does not square with the net inflows coming in and residing with the banking system. Data from the BOJ indicates that the net inflows are mostly accounted for by the country’s two largest banks but not confined to them alone. The evidence seeping through, is that Bank of Jamaica who mandated the dealers to surrender 25 percent of the daily take to the central bank must be buying most of not all of the surplus inflows. Analysis of the Central Bank’s balance sheet, shows a US$250 million build up in the foreign exchange reserves of between July 27th and August 10th. The amount is more than the net inflows into the system but with the compulsory surrender it is quite conceivable that just about all of the build-up of the country’s reserves, is from the local financial system.
In Wednesday’s trading, dealers bought US$48,991,761 and sold US$30,732,595 compared to US$42,680,027 purchased and US$38,124,870 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$46,332,966 compared to US$39,305,076 on Tuesday. The buying rate for the US dollar rose 6 cents to $126.82. A total of US$28,655,368 was sold versus US$36,480,180 on Tuesday, with the selling rate rising 1 cent to end at $127.25. The Canadian dollar buying rate lost $1.28 to at $94.49, with dealers buying C$962,750 and selling C$937,055 at an average rate that rose 6 cents to $98.82. The average rate for buying the British Pound climbed $1.56 to $165.08 for the purchase of £1,270,480, while £821,678 was sold with the rate falling 15 cents to end at $167.08.
At the end of trading, the selling rate for the Euro, fell 86 cents to close at J$144.40 from Tuesday’s rate, according to data from Bank of Jamaica, The US dollar equivalent of other currencies traded amounts to US$280,192 being bought, while US$270,648 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include a drop of $6.70 in the highest selling rate for the US dollar to $134.30, a decline of 85 cents in the highest buying rate of Canadian Dollar to close at $100.65. Trading in the British Pound resulted in a fall of $2.50 in the highest buying rate to $169, a fall of $5.38 in the highest selling rate to end at $174.62, while the lowest selling rate gained by $2.50 to close of $162.50.