AUDIO: Members of the private sector endorse BOJ’s intervention in foreign exchange market

Members of the private sector have endorsed the move by the Bank of Jamaica BOJ, to intervene in the local foreign exchange market.

The BOJ says the move is in keeping with its stated intent to prevent disorder and allow market forces to determine the value of the local currency against its foreign counterparts.

The intervention by the Central Bank follows reports on Wednesday that the Jamaican dollar was selling for as low as 117-to-one US dollar.

The Central Bank this morning dipped into its reserves and sold foreign currency to licensed traders, so they could then satisfy the demand from businesses and individuals.

President of the Jamaica Manufacturers Association, Brian Pengelley, who has long complained of the devastating consequence of the constant devaluation of the local currency, says the intervention by the BOJ is timely.

The Past President of the Jamaica Exporters Association, Andrew Collins, says the ongoing disorder in the currency trading market required the intervention of the BOJ.

Mr. Collins says the rate of exchange of the local currency should not be under the control or manipulation of any power outside the Jamaican market.