The country will be able to borrow in Jamaican dollars from the international markets in five years, if the country’s economic recovery remains on track.
Finance Minister Dr. Nigel Clarke made the declaration at a symposium on foreign exchange this morning, hosted by his Ministry.
He says being able to borrow internationally in Jamaican dollars will greatly reduce the country’s risk.
Our Business and Finance Editor, Kalilah Reynolds, has more.
Dr. Clarke makes the case that countries with credible economic policies aren’t forced to borrow in US dollars like Jamaica is.
He says there are great benefits for a country to borrow in its local currency.
But the Finance Minister says to get to that point, Jamaica will need credible inflation targeting and a flexible exchange rate.
He says once these policies continue, the island will be able to borrow Jamaican dollars internationally, in another five years.