NCB sold US$874 million short

The US dollar peaked against the Jamaican currency in July as reflected in Bank of Nova Scotia selling the currency at the highest rate since June at an average of J$157.3698 on July 29 and Citibank selling at an average of US$157.8402. Last Friday, Bank of Nova Scotia sold the US dollar at an average of J$150.3714 and Citibank at $149.08. The indications are that these rates are likely to decline further, with more net selling by National Commercial Bank as the Jamaican dollar goes through one of its frequent yearly swings, in response to demand and supply of the US dollars.

NCB Financial Montego Bay branch

NCB sold off more than twice the amount of US dollars they purchased into the foreign exchange market, since the beginning of June this year up to Friday last week, with the bank selling US$1,298,524,926 or US$874,064,897 more than the US$424,460,029 purchased from the public. In 2020, NCB sold $900 million US dollars more than they purchased.
Data show that net purchases by NCB took place on only 3 days since the start of August. NCB net sales would include the sale of US dollars that emanated from the conversion of the surplus of other currencies into US dollars. The net position reflects a definitive selling short by NCB, with demand for US dollars waning one source informed ICInsider.com and the view that the situation won’t change before December when demand is expected to dip further and supplies increase.
In contrast to the actions of NCB, Bank of Nova Scotia the second largest foreign exchange trader bought US$511,485,130 and sold US$507,936,088 between the beginning of June and Last Friday, data from Bank of Jamaica shows.
Other developments in the foreign exchange market that could have a marked impact on liquidity are the continuing growth in remittance inflows in 2021 over the record 2020 flows. Bank of Jamaica draining of liquidity in the financial system has led to increasing interest rates on BOJ CDS from under one percent a few weeks ago to nearly two percent this week. Recovery in visitor arrival, with August arrivals approaching 80 percent of arrivals in 2019 and well over that of 2020. Increased exports earnings and of course increased imports cost.

QWI nominated for best value creation strategy

QWI Investments, a Jamaica based investment company specializing in stock market investments in jamaica, the USA and Trinidad has been shortlisted and nominated as the Best Value Creation Investment Strategy – Caribbean 2021, by Capital Finance International after just over two years of operating.
The confirmed nomination and shortlisting was driven by voting from our readers, subscribers and staff working for global organisations, Jane Cartwright, CFI Awards Liaison Officer, informed QWI recently.
QWI Investments went to the Jamaica capital market in late 2019 and raised  $900 million after the issue was oversubscribed by three times the $600 million dollars, the initial target of the IPO that attracted more than 4,800 new shareholders to the company’s list of owners.
According to CFI, their publication is supported by groups and readers such as the World Bank Group, various UN and EU bodies, as well as other prominent entities. CFI.co provides insight into some of the more complex areas of international finance and development issues both in print and online, with emphasis on identifying examples and drivers of economic convergence, by combining their journalistic experience with reports from influential organisations.
The CFI.co award selection panel utilises a wide range of criteria to help facilitate informed decisions regarding the awards, lending the critical eye of a collective 170 years of business journalism, corporate leadership and academia, to the exhaustive information gathered by the award body’s own research team including: Demonstrated Shareholder Value Creation, Growth in Enterprise Value, Customer Value-Added Products and Services, Innovations Championed by Management Team, Strategic Alliances, Partnerships and Supply Chain Management, Organic Sales Growth and/or M&A Activity, Corporate Governance and Quality and Strength of Nominations.

For 2020, National Commercial Bank Jamaica won the “Best Digital Banking Services Caribbean award given by CFI.co.

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