BOJ Says Its Intervention Helped Keep Forex, Stocks Market Stable | RJR News

The Bank of Jamaica (BOJ) is reporting that the foreign exchange rate and market have remained relatively stable over the last two years due, in part, to intervention strategies implemented by the institution.

Addressing the Central Bank’s quarterly monetary policy media briefing at the BOJ Auditorium in downtown Kingston recently, Governor Richard Byles said the entity sold more than US$500 million via its BOJ Exchange Intervention Trading Tool (B-FXITT) facility in 2023. 

This was done to prevent undue volatility in the FX market.

Mr. Byles said the BOJ projects that reserves will remain adequate over the medium term.

He noted that one of the outcomes of the bank’s management of the foreign exchange market is that it has served to anchor inflation expectations.