BOJ to Hold Pilot FX Auction Today

The Bank of Jamaica will hold a pilot foreign exchange auction today, to introduce its new system of selling to authorized dealers and Cambios.

The auctions will take place once a week after that.

However, the BOJ says it may also sell more foreign exchange outside of this weekly schedule if necessary.

A statement from the BOJ says every Wednesday, it will also announce the amount of currency it plans to sell, up to four weeks in advance.

The Central Bank says the new system is part of its measures to enhance the effectiveness of its monetary policy.

It says it will not affect the manner or freedom with which the public currently buys and sells foreign exchange from banks and Cambios.