Analysts Dismiss Phillips’ Proposal to Use NIR to Prop Up JMD


President of Scotia Jamaica Life Insurance Company, Dr. Adrian Stokes, is dismissing Opposition Leader Dr. Peter Phillips’ suggestion that the government use the country’s Net International Reserve, NIR, to address the depreciation in the local currency.

Dr. Phillips made the suggestion on Sunday while speaking at a political meeting in the North East St Catherine constituency. But, Dr. Stokes says that wouldn’t be an appropriate use of the NIR.

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He says the fundamentals of the economy are fairly strong at this time.

Dr. Stokes says, traditionally, the central bank would intervene when the currency depreciates.

But, he says under the International Monetary Fund agreement, the Bank of Jamaica is to become more independent.

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In the meantime, President of Sterling Asset Management, Charles Ross, says the recent movements in the local currency isn’t unusual.

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And Financial Analyst, Colin Steel, is calling on the central bank to be more transparent.

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They were both speaking last evening on Nationwide @ 5 with Tyrone Reid and Kemesha Kelly.


Stevian Simmonds is an investigative journalist with almost 3 years of experience in radio broadcasting, production and reporting. She graduated from Caribbean School of Media and Communication in 2014 and joined Nationwide News in 2016. In 2018, she produced a special report examining the working conditions of the Bussiness Process Outsourcing Industry. She worked undercover as a call center agent for a month, revealing the lack of data protection and general security infrastructure in the industry. Her report also highlighted the poor working conditions and remuneration faced by workers in the industry. In 2018, Stevian traveled to New Delhi India where she participated in the Inaugural WHO Partners Forum benefiting from critical training related to reporting on women’s and children’s health issues.