Mixed Reactions to BOJ’s ForEx Interventions

President of the Private Sector Organization of Jamaica (PSOJ) Dennis Chung, is criticizing the Bank of Jamaica’s recent interventions in the foreign exchange market.

He says the rapid appreciation in the Jamaican dollar over the past month is not necessarily a good thing.

On the other hand, local manufacturers say they are happy for the appreciation.

Former President of the Manufacturers Association, Omar Azan, says he had written a stern letter to BOJ Governor Brian Wynter in September when the exchange rate passed $131 to the US.

He says the BOJ’s Foreign Exchange and Intervention Trading Tool, B-FXITT, was having a negative effect on the local currency.

However, President of the Cambio Association, Heather Ferguson, says she believes B-FXITT has been working, although it’s a work in progress.

The Jamaican dollar opened this morning selling at an average $127.53 to the US.