Increased Pace of Devaluation Concerns JCC

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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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