About eGate
Jamaica’s foreign exchange market operates with a liberalized interbank system which allows financial institutions that are licensed as either a cambio or an authorized dealer to trade foreign currencies. Within this framework, these financial institutions are allowed to trade all currencies in unrestricted volumes at exchange rates determined by the institution. All information on foreign exchange spot trading in the domestic market is collected by Bank of Jamaica using the eGATE® Client 1.0 Application, which is owned by Bank of Jamaica.
The data collected via eGATE® is used by Bank of Jamaica to calculate and publish weighted average spot exchange rates for the major currencies traded in the domestic market, namely, US dollar(USD), Canadian dollar (CAD), Great Britain pound (GBP) and Euro, on a daily basis. The weighted average spot exchange rates for sale transactions are the applicable rates for General Consumption Taxes (GCT) and Customs purposes.
The eGATE® Client 1.0 is an important financial market infrastructure. The information on foreign exchange trading is used to: assess market developments, provide effective regulatory oversight for Jamaica’s foreign exchange system and enable the Bank in the discharge of its mandates for ensuring the stability in the value of the Jamaica Dollar and the soundness of the financial system.