President of the Private Sector Organisation of the Jamaica, Howard Mitchell has lamented that the country’s economy and the foreign exchange market are not being properly managed.
He was reacting to reports, that the Bank of Jamaica yet again intervened in the market, to address temporary demand and supply imbalances.
The BOJ said that this morning’s intervention was with US $15 m that was sold to authorized dealers and large cambios, by means of Bank of Jamaica’s foreign exchange intervention and trading tool (B-fxitt).
It follows yesterday’s intervention of US $20 m, which was sold at a weighted average rate of $137.95.
In an interview with Irie FM News, Mr. Mitchell noted that there are issues with obtaining the dollar when needed.
He said the volatility in the market, with spikes in prices, creates difficulty for players in the private sector.
The PSOJ President called for a management system that facilitates ease of the volatility.