Jamaica and Ghana report mixed foreign exchange movements

In Jamaica, the US dollar closed at $159.37 on Friday, October 2, marking an 84-cent decrease from the previous day. This decline followed a $30 million flash sale of US dollars by the Bank of Jamaica (BOJ) through its B-FXITT intervention facility. The BOJ reported that eligible bids for the sale totaled US$85.55 million.

This currency movement follows the BOJ’s recent decision to increase its policy interest rate to 6.0 percent. Additionally, the Statistical Institute of Jamaica reported a 2.9 percent economic contraction in the April to June quarter, attributed to ongoing recovery efforts in the mining, agriculture, and hotel sectors following Hurricane Melissa.

In Ghana, the Bank of Ghana reported mixed movements for the cedi. The US dollar saw a slight increase against the cedi, reaching GH¢11.7150, while the British pound and the euro both saw declines. The euro experienced the most significant drop among the major currencies, falling by approximately 0.97%.