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It could take another three months before stability is restored to the local foreign currency market.
With the Jamaican dollar sliding rapidly against its major trading partners, Financial Analyst David Wan says it will take a while before the situation can be brought under control.
However, he says there is no need for alarm over the currency depreciation as the Bank of Jamaica has the resources to prevent a major slippage.
Foreign exchange trading resumes on Tuesday morning with the American currency being sold for an average $71.16.
It is costing $72.53 for the Canadian dollar and $144.40 for the pound sterling.
In the meantime, with excess liquidity in the market being cited as a major contributor to the instability in the foreign currency market, the Bank of Jamaica (BoJ) is again taking steps to bring the situation under control.
As part of its liquidity management strategy, the BoJ is offering a special 18 month variable rate instrument to primary dealers and commercial banks.
The instrument will be amortised in two equal tranches on July 11, 2008 and April 14, 2009.
Interest will be paid quarterly.
The initial coupon rate is 14.34 % per annum. >
With the Jamaican dollar sliding rapidly against its major trading partners, Financial Analyst David Wan says it will take a while before the situation can be brought under control.
However, he says there is no need for alarm over the currency depreciation as the Bank of Jamaica has the resources to prevent a major slippage.
Foreign exchange trading resumes on Tuesday morning with the American currency being sold for an average $71.16.
It is costing $72.53 for the Canadian dollar and $144.40 for the pound sterling.
In the meantime, with excess liquidity in the market being cited as a major contributor to the instability in the foreign currency market, the Bank of Jamaica (BoJ) is again taking steps to bring the situation under control.
As part of its liquidity management strategy, the BoJ is offering a special 18 month variable rate instrument to primary dealers and commercial banks.
The instrument will be amortised in two equal tranches on July 11, 2008 and April 14, 2009.
Interest will be paid quarterly.
The initial coupon rate is 14.34 % per annum. >