FX Fluctuations Good for Local Economy, says Williams

Minister without Portfolio in the Finance Ministry, Fayval Williams, says the fluctuations in the foreign exchange market are good for the trust in the local economy.

The Jamaican dollar crossed the JMD$134.00 to USD$1 mark for the first time on Tuesday, but rebounded on Wednesday to fall to 133-dollars 60-cents.

Minister Williams says the fluctuations are the result of debt reconstruction by some companies and Jamaica’s growing economy.

She argues that it’s also a sign of inflows of investment into the Jamaican economy.

Minister Williams says in the four decades since the exchange rate was unpegged from the US dollar, the Jamaican dollar has steadily depreciated against its US counterpart.

But, she argues that the current fluctuations in the market are providing better stimulation for businesses.

Fayval Williams was speaking at a post-Cabinet media briefing at the Office of the Prime Minister yesterday.

–30–




Leave a Reply

Your email address will not be published.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