President of the Jamaica Manufacturers and Exporters Association, JMEA, Metry Seaga, says he’s now convinced that the Bank of Jamaica isn’t manipulating the exchange rate in order to meet its inflation target.
Mr. Seaga had expressed concern last week about the slide in the local currency, which has lost nearly ten percent of its value in the past three months.
His association met with Finance Minister Dr. Nigel Clarke on Friday to discuss the concerns.
Mr. Seaga says he would be pleased if speculators who’ve been hoarding US dollars, lose money when the exchange rate goes back down.
Meanwhile, the JMEA President thanked the current JLP and previous PNP administrations for setting the country on the right course.
And he also made a point of thanking the International Monetary Fund, the IMF, for their role in Jamaica’s economic reform.
The IMF has been strongly criticized in the past for allegedly trying to keep poor countries in debt.
More recently, many Jamaicans have criticized them for the policy of devaluation that saw Jamaica’s dollar slide 30-percent during the four years of the Extended Fund Facility.