Get Used to FX Fluctuations, says BOJ Governor

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Governor of the Bank of Jamaica, Brian Wynter, is urging stakeholders in the business sector and the public to get accustomed to the fluctuation of the Jamaican dollar.

Stakeholders, including President of the Jamaica Manufacturers’ and Exporters’ Association, JMEA, Metry Seaga, are demanding that the Governor of the Central Bank tell the country the reasons for the slippage in the value of the Jamaican dollar.

But, while speaking last evening on Nationwide @ 5, Governor Wynter says the currency is moving in both directions.

This was the JMEA boss, Metry Seaga’s call to the BOJ Governor yesterday.

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In response, Governor Wynter says a closer examination of the movement in the local currency is needed to gain a better appreciation of the performance of the Jamaican dollar against the US benchmark.

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The BOJ boss says improvements in the economy are also resulting in increased demand for the Jamaican dollar.

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But the Governor says there’s still some level of anxiety which is resulting in the tightening of supplies.

In the meantime, Governor Wynter says the BOJ is moving to make foreign exchange forward contracts available to players in the business sectors.

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He says the Central Bank is constantly meeting with those stakeholders to discuss how they can respond to frequent movements in the currency.

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