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As the private sector absorbs news that the selling rate for the American currency is now at the J$93 mark the Jamaica Chamber of Commerce, JCC, is worried that further declines in the exchange rate are on the horizon.
The Jamaican dollar crossed the 93-1 barrier in foreign exchange trading Thursday.
The American currency gained J$.03 to close at J$93.01. Francis Kennedy, JCC president, in response, said until Jamaica concludes a deal with the International Monetary Fund (IMF) there will be instability in the value of the local currency.
“The dollar will continue to slide as long as there is no IMF deal, because as a matter of confidence people are hedging their bets. Those persons who have savings will want to convert their savings to a hard and stable currency, not a currency that doesn’t have any value or is losing value,” said the JCC president.
The Jamaican dollar crossed the 93-1 barrier in foreign exchange trading Thursday.
The American currency gained J$.03 to close at J$93.01. Francis Kennedy, JCC president, in response, said until Jamaica concludes a deal with the International Monetary Fund (IMF) there will be instability in the value of the local currency.
“The dollar will continue to slide as long as there is no IMF deal, because as a matter of confidence people are hedging their bets. Those persons who have savings will want to convert their savings to a hard and stable currency, not a currency that doesn’t have any value or is losing value,” said the JCC president.
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