BOJ Intervention Into Forex Market Falls Short Of Demand | RJR News

The Bank of Jamaica is reporting another significant excess demand for foreign exchange, with more than $139 million in unmet demand over the last two days. 

The central bank intervened in the foreign exchange market, offering US$40 million against demand of about US$110 million, resulting in US$70 million in unmet demand. 

This, after the BOJ pumped US$40 million on Thursday, but received demand for approximately US$109 million, leaving US$69 million unsatisfied. 

The latest figures come as Jamaica continues to face a substantial foreign exchange gap following a trade deficit of approximately US$2 billion during the first four months of this year. 

The foreign exchange market is also being affected by a reported decline of about US$220 million in earnings from the business process outsourcing and tourism sectors.