KINGSTON, Jamaica – The newly appointed Governor of the Bank of Jamaica (BOJ), Richard Byles, says plans are in place to implement a new foreign exchange trading platform in 2020.
Speaking recently at a media briefing, Byles said that the platform will be tested and implemented by February.
The platform will be used in trading operations at local commercial banks. It will also enable foreign exchange traders to see all bids on daily offers.
Byles said that the new foreign exchange trading platform is designed to create ‘more transparency in the market’.
The Central Bank already has an intervention mechanism, the Foreign Exchange Intervention and Trading Tool, B-FXITT, which is tailored to offset market volatility.
The announcement comes two weeks after the Jamaican dollar hit its lowest point in history, trading at more than 141- Jamaican dollars to 1 US dollar in mid-November.
With a booming stock market and steady inflation rate, Byles reassured the public that the drastic slide in the value of the dollar was not a crisis. The dollar returned to its normal $130-135 to US$1 range at the end of last week.