Bank of Jamaica, BOJ, Governor, Richard Byles, says plans are in place to implement a new foreign exchange trading platform in 2020.
He says the platform will be tested and implemented by February next year.
The platform will be used in trading operations at local commercial banks.
Mr. Byles says this new platform will enable foreign exchange traders to see all bids on daily offers.He says traders will also be able to see all activities and give instructions when they see fit.Mr. Byles says the new foreign exchange trading platform is designed to create ‘more transparency in the market’.
The Central Bank already has an intervention mechanism, the Foreign Exchange Intervention and Trading Tool, B-FXITT, which is tailored to offset market volatility.
The Central Bank boss was speaking at the BOJ’s quarterly media briefing yesterday.
Last week, the exchange rate hit its lowest point in history, trading at more than 141- Jamaican dollars to 1 US dollar.