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Dollar slides; US dollar being traded at J$90 to US $1
6:15 am, Thu October 4, 2012
Bank of Jamaica
Alarm bells have gone off in some quarters after the average price for the U.S. dollar reached 90 to one during trading yesterday.
In some instances the American currency was being sold for as high as 93 dollars 61 cents.
Economist Dr. Davidson Daway, says the slide in the value of the Jamaican dollar is cause for concern.
He feels that based on the current state of the economy, the currency depreciation could have a ripple effect. He added that recent trends in the exchange rate are worrying.
The umbrella group representing small businesses in Jamaica is also worried about the continuing slide in the value of the Jamaican dollar.
President of the Micro Small and Medium Sized Enterprises Alliance, Dr Rosalea Hamilton, says the movement in the exchange rate has implications for the cost of manufacturing.
6:15 am, Thu October 4, 2012
Bank of Jamaica
Alarm bells have gone off in some quarters after the average price for the U.S. dollar reached 90 to one during trading yesterday.
In some instances the American currency was being sold for as high as 93 dollars 61 cents.
Economist Dr. Davidson Daway, says the slide in the value of the Jamaican dollar is cause for concern.
He feels that based on the current state of the economy, the currency depreciation could have a ripple effect. He added that recent trends in the exchange rate are worrying.
The umbrella group representing small businesses in Jamaica is also worried about the continuing slide in the value of the Jamaican dollar.
President of the Micro Small and Medium Sized Enterprises Alliance, Dr Rosalea Hamilton, says the movement in the exchange rate has implications for the cost of manufacturing.
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