Benefits of Reducing the FX Surrender Requirement

Banker, Peter Higgins, says he expects up to USD$50-million more will be available for sale on the local market, as result of yesterday’s move by the Bank of Jamaica to require authorized dealers and cambios to surrender less of their daily foreign exchange purchases to the Central Bank.

Higgins is Assistant General Manager for Foreign Exchange Trading at National Commercial Bank (NCB).

The BOJ yesterday reduced the amount of US dollars that authorized dealers and cambios are required to sell to the Central Bank.

Businessman Omar Azan says he agrees that the move will help to revalue the Jamaican dollar, after years of suffering from devaluation.

He says he’s glad the government has been trying something different.