The Bank of Jamaica has reported that the value of the Jamaican dollar slipped to J$135.48/US$1.00 as at close of business today, a depreciation in value of over 3% in the first ten days of July.
Responding to this situation, Opposition Spokesperson on Finance Mark Golding said in a statement today that “At times like these the Bank of Jamaica must not delay intervening to restore calm to the foreign exchange market. The current arrangements governing the market also need to be reformed, so that the needs of the real sector are not subordinated to the interests of the financial sector."
Golding said that "the frequent volatility over past year is undermining business confidence and damaging Jamaica’s economic performance and prospects. This is evidenced by the fall in the Business Confidence Index reported this week, which cites fluctuations in the foreign-exchange rate as a key determinant of the fall in business confidence."
The PNP spokesman on finance said "a majority of firms indicated that this volatility is undermining their ability to make long-term plans. Firms willing to invest in new plants and equipment has also declined.
The Government needs to respond now to this situation, which it has allowed to continue for too long, and avoid it leading to further damage to confidence, growth and the overall economy,” he said.
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