The Central Bank intervened in the foreign exchange market this morning, the second time this week, selling US $30 m to authorized dealers and large cambios.

This was done through the Bank of Jamaica’s foreign exchange intervention and trading tool B-fxitt.

The bank’s action comes in light of heightened concerns over the lack of US dollars available for purchase by Jamaican businesses

This is the second consecutive day of intervention by the bank of Jamaica which sold US $40 m also via B-fxitt to authorized dealers and cambios yesterday.

The US $40m was sold at a weighted average rate of $142.38.

The Central Bank in a statement this morning says these interventions are intended to address temporary demand and supply imbalances in the market.

The BOJ has noted the increase in the demand for foreign currency, due to the regular re-stocking by retailers for the Christmas season and the extraordinary demand relating to portfolio transactions.

Meantime, the BOJ said the public’s concern about the recent depreciation in the exchange rate has been noted.

It stated that based on Jamaica’s economic fundamentals, the bank does not expect that the recent pace of exchange rate movement will be sustained.