The Bank of Jamaica (BOJ) has made a US$70-million intervention in the foreign exchange market in two flash auctions this week.

On Thursday (October 19), the BOJ intervened in the market through its B-FXITT Flash Intervention Tool – sale operation of US$30 million for allocation to eligible bidders for settlement on Friday.

Forty-six bids were received amounting to US$45.9 million. Nineteen bids were allocated. The settlement price for allocated bids was J$154.20.

The highest allocated bid price was J$155.77 for US$1.5 million while the lowest bid for full allocation was J$154.2 for US$2 million.

On Wednesday, the BOJ offered for sale US$40 million to authorised dealers and select cambios through a B-FXITT flash auction.

Thirsty nine bids were received amounting to US$65 million. Twenty bids were allocated with J$155.83 being the average settlement price for allocated bids.

The highest allocated bid price was J$156 for US$900,000 while the lowest bid for full allocation was J$155.85 for US$1 million.