The Sliding Jamaican Dollar

The Jamaican dollar has been noticeably unstable recently and consumers are becoming quite worried about the already high food prices that could go even higher if the current trend continues.

Jamaicans have been confused as the dollar slipped and the strengthened before it started getting weaker and weaker.

Earlier this year the Bank of Jamaica intervened again using foreign exchange reserves during a three-week period to stop the dollar from sliding as it moved quickly towards $137 to US$1.

The Jamaican dollar is now valued at $142.23 for $1US
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Michael Diamond, the president for the National Consumer League spoke about the tendency of the manufacturers to pass on their losses to consumers whenever the dollar slides, and he didn’t like the sporadic movement of the dollar.

The increased demand for the $US at this time of the year when business operators are preparing to face the busy Christmas season has been blamed for the devaluation at this time.

However, reports stated that the Bank of Jamaica (BOJ) remains committed to stabilizing the dollar.

$US 70 million dollars was sent to Cambio’s and authorised dealers over 2 days in order to help stabilize the dollar.