President of the Jamaica Manufacturers and Exporters Association, JMEA, Richard Pandohie, says a request to the Bank of Jamaica, BOJ, for more funds to be made available to businesses has caused a rebound of the local currency.
Richard Pandohie, President of the JMEA.
On Thursday, the Bank of Jamaica announced it would be pumping US$20-million into the exchange market.
But it stipulated those funds should be sold to businesses.
The local currency has since started recovering from record low rates against the US dollar.
On Friday the local currency gained $0.50 to open trading at $141.21 to one US dollar.
Since then, the Jamaican dollar has gained a further, dollar and $0.31 to open trading at $139.90-cents, today.
Meanwhile, President of the Private Sector Organisation of Jamaica, PSOJ, Keith Duncan, says the growing amount of US dollar transactions, both locally and internationally, is a sign of the growing maturity of the country’s business landscape.
Last week, Governor of the BOJ, Richard Byles, said several multi-million US dollar transactions over the past year have been putting pressure on the local currency.
Keith Duncan, President of the PSOJ.
Both were speaking today, on Nationwide’s This Morning with Kalilah Reynolds and Tyesha Turner.