Increased Pace of Devaluation Concerns JCC


The Jamaica Chamber of Commerce, JCC, is raising concern about the increased pace of depreciation of the Jamaican dollar.

At January 1, 2016, the average selling rate was 1-hundred-and-20-dollars 24-cents to one US dollar.

But according to the Bank of Jamaica website, the dollar is today selling for an average 1-hundred-and-25-dollars-and 33 cents to 1-US dollar, representing a 4-point-2-percent decline.

JCC President Warren McDonald says the Chamber finds the devaluation puzzling.

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Mr. McDonald says Jamaicans were advised by the authorities at the end of 2015, that the exchange rate of approximately 120-to-1 was competitive.

He says as such, there should be no need for the dollar to depreciate so rapidly.

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The JCC is calling on the Central Bank to immediately intervene by using the Net International Reserves which now stand at 2-point-4 billion US dollars to stem the decline.

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