Limits on FX holdings for Jamaican banks

Jamaica’s foreign exchange market functions for years since the early 1990s, with individuals dealers setting rates they buy and sell foreign exchange for, with limited controls set by the central bank. While the market allocated resources fairly well, it has never been the most perfect system.
Most earners of foreign currencies could for a years, hold what they earned. Cambios, however were restricted in the length of time they could hold long positions in the purchase of foreign exchange from the public. There were no such restrictions for banks. That is about to change with Bank of Jamaica putting an upper limit as to how much they can hold at any time for their own account.
The change is a part of the reform of the foreign exchange market, meant to curtail banks from excessive speculation in the market.
IC Insider.com sought a response form Bank of Jamaica and they replied as follows: “In response to your query, Bank of Jamaica will shortly introduce to banks, a limit of 20% of regulatory capital with a maximum cap of J$8 billion, not as an absolute limit on FX holdings, but specific to long and short open position in FX”.
IC Insider.com sources who are familiar with the proposal, advise that a number of banks have longer position than the new regulations stipulates, but they have three months to unwind the excess. The J$8 billion limit is approximately US$62 million. The measure is expected to lead to a more orderly foreign exchange market, especially at times when supplies are likely to be lower than normal.

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