The value of the Jamaican dollar relative to the United States dollar remained unchanged week-over-week.

The local currency closed last week at a selling rate of J$155.48 to US$1. Of note, is the fact that the Bank of Jamaica (BOJ) intervened in the market with US$60-million twice last week.

The BOJ injected US$20 million on October 2 and US$40 million on October 5. There were expectations for the BOJ to re-enter the market last Friday, given there was some residual demand for the American currency.

However, the expected tightness in Jamaican dollar from the US$40 million B-FXITT transaction did not materialise. However, should the Jamaican dollar liquidity improve, there is a strong possibility that the BOJ will re-enter the market during this week.

This could be done to take advantage of lingering demand for the American currency. Last week, the $US interventions did not prove to make any noticeable changes to the average-weighted selling rate of the American dollar that week.