The Bank of Jamaica (BOJ) says the foreign exchange market has remained relatively stable o
The Bank of Jamaica (BOJ) says the foreign exchange market has remained relatively stable over the last four months.
BOJ Governor Richard Byles says the stability in the foreign exchange market is a reflection of continued strong tourism and remittance inflows as well as actions taken by the bank to prevent undue volatility.
“BOJ has sold approximately US$887 million via its B-FXITT facility for the 2023 calendar year to the end of October. When these sales are set against BOJ purchases, however, the result is that the bank net purchased approximately US$893 million over the period, almost double that purchased over the same period in 2022,” he pointed out.
Mr. Byles said one of the positive outcomes of the stable foreign exchange rate is that it has helped to anchor inflation expectations.
At the close of trading Friday, it cost an average J$156.12 for one US dollar.
The Canadian dollar was being sold for $114.17, while J$196.70 was the average value of the pound.
The Euro was going for J$173.49.
radiojamaicanewsonline.com
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