Financial Experts Weigh in on JMD Movements

89

Executive Director of the Economic Growth Council (EGC) Senator Aubyn Hill, is calling on local companies to better communicate their need for foreign exchange to the Central Bank.

His call comes as there is a slip in the value of the Jamaican dollar, due to the high demand for foreign exchange caused by major capital market transactions.

The Bank of Jamaica (BOJ) has moved to alleviate the shocks with two flash sales of USD$30-million on the market yesterday and on Friday of last week.

Senator Hill says there is a tool that companies can use to communicate in advance how much foreign currency they’ll need for their operations.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2019/02/HILL-big-firms-should-use-tool-FEB42019.mp3″]

He says the BOJ also has a responsibility to plan for shortage in the market.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2019/02/HILL-BOJ-should-plan-FEB42019.mp3″]

In the meantime, Financial Analyst, Dennis Chung, says the increase in foreign exchange inflows is partly due to speculation.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2019/02/CHUNG-must-import-FEB42019.mp3″]

Mr. Chung says the BOJ should ensure that there’s stability in the market.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2019/02/CHUNG-must-stabilise-FEB42019.mp3″]

And, Financial Analyst and Observer Columnist, Keith Colliser, says the demand is often driven up even further because players in the market are seeking to capitalize on a strengthening US dollar.

is what he calls a ‘band-wagon’ effect regarding the buying of foreign currency.

[audio_mp3 url=”http://nationwideradiojm.com/wp-content/uploads/2019/02/Keith-Colliser-MORE-TRANSPARENT-feb42019.mp3″]

–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.


Leave a Reply

Your email address will not be published. Required fields are marked *