Dollar to Stabilize Soon

Co-Chair of EPOC, Keith Duncan, is predicting that the value of the Jamaican dollar should soon stabilize.

He says the economic reforms implemented by the previous government and the focus of the Holness-administration on driving growth, should help.

Duncan was speaking yesterday at EPOC’s press briefing held at Sagicor’s Head Office, in New Kingston.

Mr. Duncan suggested that the confidence generated by the new agreement with the IMF will also have a positive effect on the value of the Jamaican dollar, relative to the benchmark US dollar.

He says the economic fundamentals of the country point to Jamaica ‘being on the right track’.

Finance Minister, Audley Shaw, has said the Jamaican dollar is experiencing a revaluation due to a working group he’s established to monitor the foreign exchange market.

In late November, he told Parliament that he’d established a stakeholder group, mainly comprising people from the financial sector, to work with the Bank of Jamaica to deal with issues that had caused the dollar to be slipping against the US dollar.

He says the exchange rate is now ‘revaluing’, coming back to under 129 dollars to the US dollar.