The Bank of Jamaica has announced that effective Wednesday it has reduced the amount that authorised dealers and cambios are required to sell to the central bank from their daily purchases of foreign exchange.

 

According to the BOJ, for both authorised dealers (ADs) and cambios, the amount required to be sold to the central bank will be reduced by five percentage points.

 

ADs and cambios currently sell 25 and 20 per cent respectively, of their daily foreign exchange purchases to the central bank in what is called a “surrender” arrangement under the public sector entity (PSE) facility.

 

The reduction will result in the PSE facility surrender requirement falling to 20 per cent for authorised dealers and 15 per cent for cambios.