Bank of Jamaica Governor, Brian Wynter, says there are signs the central bank has averted a potentially disorderly foreign exchange market.
Speaking at the central bank’s quarterly press briefing Wednesday, the Governor says, while they’re not claiming victory just yet, the depreciation in the value of the Jamaican dollar has slowed down.
Following numerous calls for the BOJ to do something about the rapid depreciation of the Jamaican dollar, the central bank stepped in last week and sold USD$40-million in a flash auction.
They’ve also resumed weekly sales of foreign currency to the market, scheduled for at least the next four weeks.
But, the local currency lost another three cents in yesterday’s trading, opening today selling for an average $JMD137.55 to $USD1.
Still, the Governor notes that the depreciation has slowed down.
Governor Wynter says the BOJ will ensure that the market doesn’t become disorderly. He’s also not ruling out another flash auction.