Bank of Jamaica Injects US$30 Million to Steady Foreign Exchange Market

Anyone tracking cambio rates this week might mistake the foreign exchange market for a quiet stretch. The US dollar has shown little movement, sitting near J$157.70. That steadiness, however, comes from deliberate action by the Bank of Jamaica (BOJ), not from a market running on autopilot.

The central bank entered the market on Thursday, channelling US$30 million through its Bank of Jamaica Foreign Exchange Intervention Trading Tool (B-FXITT). Under that programme, the BOJ sells US dollars directly to authorised dealers and cambios, the institution confirmed.

Officials frame the step as part of a wider push to curb sharp swings in the rate rather than lock it at a predetermined level.

Senior Deputy Governor Dr Wayne Robinson outlined the stance to the Jamaica Information Service (JIS): "We do not target any level of the exchange rate, we try to manage the adjustments in the exchange rate, such that those adjustments do not have unwarranted impact on inflation."

Real pressures continue to shape those adjustments. Jamaica is still working through the aftermath of Hurricane Melissa, which struck in October and left damage that the BOJ's February 2026 monetary policy outlook estimated at more than 40 per cent of gross domestic product.

Conflict in the Middle East has also kept fuel prices high, fuelling US dollar demand from energy importers — a factor the Monetary Policy Committee highlighted when it left the policy rate at 5.50 per cent in its May 2026 decision.

The committee has further committed to maintaining "special measures," including direct USD supply to selected firms in the energy sector.

The BOJ says its foreign reserves remain sufficient to support this course, describing them as "an important buffer against external shocks."

The next monetary policy announcement is due on June 29, and market participants will be alert for any change in messaging. For the moment, the calm Jamaicans see at the cambio is stability the central bank is funding through intervention.