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Margin calls weaken weaken Jamaica dollar - Currency slides 5% in a month
published: Friday | November 7, 2008
Sabrina N Gordon, Business Reporter
five per cent decline in value of the Jamaican dollar over the past month was triggered by demands from US brokers that their Kingston counterparts pay up for government bonds bought on their behalf, analysts here say.
"Thirty to 50 per cent for overall emerging market brokers who offered margin on securities overseas made calls, basically sending up demand for US dollar currency to cover positions," said Mark Croskery head of the Kingston brokerage, Stocks and Securities Ltd.
Margin calls weaken weaken Jamaica dollar - Currency slides 5% in a month
published: Friday | November 7, 2008
Sabrina N Gordon, Business Reporter
five per cent decline in value of the Jamaican dollar over the past month was triggered by demands from US brokers that their Kingston counterparts pay up for government bonds bought on their behalf, analysts here say.
"Thirty to 50 per cent for overall emerging market brokers who offered margin on securities overseas made calls, basically sending up demand for US dollar currency to cover positions," said Mark Croskery head of the Kingston brokerage, Stocks and Securities Ltd.
Margin calls weaken weaken Jamaica dollar - Currency slides 5% in a month