Bank of Jamaica should reduce FX ‘footprint’ – IMF

“Further rate cuts” also necessary, fund says

Jamaica

The Bank of Jamaica should reduce its foreign exchange “footprint”, an International Monetary Fund report suggests.

The recommendation comes at a time when Jamaica faces a sliding currency. The central bank has intervened in forex markets repeatedly, but is trying to limit its actions.

Fund staff welcome the central bank’s efforts to reduce interventions. But it should limit forex sales to flash auctions during severe market distortions, they say.

“BoJ reserve accumulation objectives should

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