Foreign Exchange Market Remains Relatively Stable

• Jamaica’s foreign exchange market remains relatively stable, partly reflecting actions by the Central Bank in response to higher-than-targeted inflation. According to the BOJ Governor, the foreign exchange rate for the fiscal year 2022/23, to November 11, depreciated by 0.5%.
• This was significantly slower than the 6.7% depreciation recorded over the corresponding period of 2021/22 he said while speaking during the BOJ’s semi-virtual quarterly media briefing on Friday (November 18).
• The Central Bank, in this context, sold US$396.1Mn via its BOJ Foreign Exchange Intervention and Trading Tool (B-FXITT) facility over the period. This was complemented by sales of US$442.7Mn to selected public enterprises, including the State oil refinery – PETROJAM.
• “Notwithstanding these sales, the Bank net purchased from the market, over this period, US$521.6Mn. As of November 11, 2022, Jamaica’s gross international reserves remained substantial at approximately US$4.3Bn. The Bank projects that the gross reserves will continue to remain adequate in the medium-term,” the Governor further stated

(Source: JIS News)