Jamaican dollar takes a plunge

[Lazie]

The Jamaican currency suffered a major plunge during foreign exchange trading Wednesday.

The value of the dollar reached a new low against its American counterpart which is now selling at a new average high of $70.05.

According to the Bank of Jamaica's summary of trading, the highest rate reported in the market was $70.50.

It was not immediately clear what caused the depreciation of the Jamaican dollar.

There was little change in the trading rate for the Canadian dollar which came out at $66.19.

It is costing $140.19 to purchase the pound sterling.

[Exile]

Hmmmm.....no comment???? Where are the financial Gurus???? Is there a run? Loss of investor confidence? Falling US dollar? What is going on?

[Assasin]

lost of confidence? why when the JLP is suppose to be more business friendly?

Based on what I heard the business community was behind the JLP.

let us see if this continues. The dollar was been prop up by the Bank of Jamaica in the last few weeks so maybe they decide not to do it anymore and of course you know the BOJ is also a political.

[Exile]

Politicians need to stop messing with Jamaica's future. Do what is right for JAMAICA. Let's hope it is not a trend.

[Bricktop]

The Jamaican currency suffered a major plunge during foreign exchange trading Wednesday.

Major plunge? From $69.78 to $70.05?

[Mosiah]

Funny fi you!

[Willi]

What would be the basis for the loss of confidence?

[Pepsi]

nuh worry yuh self Lazie,JLP ago find a way fi remedy.

[Time]

The promise of Free education caused the slide! Excellent idea, excellect election winning gimmick but where will the money come from?

[Willi]

Same place where CWC money came from.

[Pepsi]

but lazie,memba seh JLP nuh sworn in yet yu nuh.

[Exile]

Willi, I asked the question...could it be security issues? I have no idea....in ny even the JA$ has been on steady slide for years...sm time ago someone posted the info and I did a graph...I will see if I still have the info...it was a pretty straight line...more or less...should make forecasting pretty easy...

[Assasin]

Jamaica’s [COLOR=blue! important][COLOR=blue! important]debt[/COLOR][/COLOR] gets closer to trillion dollar mark Thursday, 06 September 2007 There has been another increase in Jamaica's total debt.

Latest information from the Ministry of Finance shows the amount of money the country owes its domestic and external [COLOR=blue! important][COLOR=blue! important]creditors[/COLOR][/COLOR] is moving closer to the one trillion dollar mark.

At the end of July the total public debt amounted to $969 billion.

This was a whopping $49 billion increase over the $920 billion reported in June.

$424 billion was owed in external debt while $544 billion was due to local creditors.

[Bricktop]

Funny fi you!

Man this headline belongs in the XNEWS. Sensationalism at it's finest. Hasn't everyone been rounding up to $70 for the past couple months anyway?

[Exile]

and TT has 5% debt servicing down from 17%.