Tweet
There are signs that the selling rate for the American currency will reach a record $90 this week as the country awaits word on whether the authorities will be taking further action to halt the slide of the Jamaican dollar.
The local currency has lost more than 10% in value since the start of the year with some dealers now selling the US dollar just a few cents below the 90 to one mark.
According to the Bank of Jamaica's summary of trading last Friday, authorised dealers were trading for as high as $89.50.
$88.42 was the average going rate.
Financial observers have linked the sharp depreciation of the dollar to the high demand for the American currency, the challenges facing the tourism industry and forecasts that the global economic recession will worsen.
Members of the business community have warned that the Government's multi-million dollar economic stimulus package could be jeopardised if the slide in the value of the Jamaican dollar is allowed to continue.
In the meantime, it's costing an average $71.24 to purchase the Canadian dollar and $128.11 for the pound sterling.
http://www.radiojamaica.com/content/view/15426/52/
The local currency has lost more than 10% in value since the start of the year with some dealers now selling the US dollar just a few cents below the 90 to one mark.
According to the Bank of Jamaica's summary of trading last Friday, authorised dealers were trading for as high as $89.50.
$88.42 was the average going rate.
Financial observers have linked the sharp depreciation of the dollar to the high demand for the American currency, the challenges facing the tourism industry and forecasts that the global economic recession will worsen.
Members of the business community have warned that the Government's multi-million dollar economic stimulus package could be jeopardised if the slide in the value of the Jamaican dollar is allowed to continue.
In the meantime, it's costing an average $71.24 to purchase the Canadian dollar and $128.11 for the pound sterling.
http://www.radiojamaica.com/content/view/15426/52/