Economist Downplays Dollar Devaluation Worries

9

Economist Dr. Damien King is seeking to allay concerns over what appears to be a depreciation of the local currency against the benchmark US dollar.

The Jamaican dollar ended trading yesterday at $131.58 to one US dollar.

Just last month the exchange rate stood at $124.01.

Dr. King says today’s average exchange rate is similar to what obtained a year.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2018/06/DAMIEN-KING-NO-DEPRECIATION-jun132018.mp3″]

He says it’s unlikely Jamaica will have a depreciation rate above two percent.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2018/06/DAMIEN-KING-wont-fly-up-JUN132018.mp3″]

The Bank of Jamaica has a system in place which has been credited with bringing the nation’s exchange rate down from record highs.

The Foreign Exchange Intervention and Trading Tool or B-FIXITT was implemented last July.

In a recent statement, the Opposition People’s National Party raised concerns about what it labelled as a ‘slide in the currency’.

The PNP said it was alarmed the BOJ is unable to purchase the necessary amounts of the currency.

The PNP also said that was an indication the market was holding back in anticipation of what it described as a further slippage in the value of the Jamaican dollar.

–30–



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.