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Central bank releases $US100M

by | Jul 2, 2014

us$As concerns continue over the availability and support of foreign exchange  the Central Bank says it sold US$100 million to authorized dealers today.

The Central Bank adds this intervention was timed to offset anticipated lower inflows into the foreign exchange market in the coming weeks.

It says this is as a result of expected lower conversions by energy companies and to alleviate demand pressures ahead of the busy travel season.

In June 2014 the Central Bank explains there was an excess of US$90 million dollars in the banking system as the supply of foreign exchange exceeded demand.

Supply was strong as energy companies converted US$483 to meet their quarterly tax obligations and Central Bank injected US$80 million into the system.

For the first six months of 2014, the Central Bank said sold $US690 million to the financial system.

In a statement this afternoon, the Central Bank said with today’s intervention the total sales of foreign exchange to the banking system amounts US$790 million for the year to date.

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