Jamaica’s Central Bank head quarters Downtown Kingston
IC Insider can now confirm that the country’s central bank (Bank of Jamaica) has been intervening in the market to purchase excess funds and thus prevent too much appreciation for the Jamaican dollar at a time when the rate of inflation has been rising and could erode the gains made against the US dollar, in 2014.
Authorized dealers purchased the equivalent of US$32,649,087 versus US$32,884,034, on Wednesday and sold the equivalent of US$28,021,523 compared with US$32,831,045 on Wednesday.
In US dollar trading, dealers bought US$25,714,484 compared to US$30,229,144 on Wednesday. The buying rate for the US dollar lost 3 cents to $112.32 and US$24,894,405 was sold versus US$31,632,195 on Wednesday, the selling rate rose 3 cent to $112.76. The Canadian dollar buying rate, rose $2.38 to $100.66 with dealers buying C$3,327,907 and selling C$1,986,255, at an average selling rate that climbed $1.37, to $101.98. The rate for buying the British Pound moved down 85 cents to $178.10, for the purchase of £943,417, while £400,984 was sold, at $180.46, a fall of $1.02. Other currencies bought, amounted to the equivalent of US$2,456,217, while the equivalent of US$689,010, was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 50 cents to $113, the lowest buying, the highest selling and the lowest selling rates were unchanged at $91.85, $117.70 and $91.85 respectively. The highest buying rate for the Canadian dollar fell 53 cents to $101.40, the lowest buying rate rose 70 cents to $80.05, the highest selling rate fell 36 cents to $102.76. The lowest selling rate declined $1.05 to $96.45. The highest buying rate for the British Pound, dipped 70 cents to $181.50. The lowest buying rate eased 46 cents to $145.37, the highest selling rate rose 27 cents to $187.41 and the lowest selling rate dropped $3.50 to $174.50.
