The Jamaica Manufacturers’ and Exporters’ Association, JMEA, says recent foreign exchange concerns are posing a major threat to the sector.
JMEA, President, Richard Pandohie, says events over the past few weeks have left manufacturers with much to fear.
Mr. Pandohie was speaking with Nationwide News this afternoon.
He’s responding to news that several multi-million US dollar transactions over the past year have been putting pressure on the local currency, which is now trading at a record low.
However, the JMEA President says while he understands that in any market there’ll be internal and external factors influencing availability and price, it is unacceptable that manufacturers are not able to source foreign currency.
While Mr. Pandohie lauded the Bank of Jamaica for its timely response to the currency concerns, he says the market could benefit from greater transparency and forward planning.
He’s calling for the implementation of measures designed to better respond to periods of high volatility.
Richard Pandohie, President of the Jamaica Manufacturers’ and Exporters’ Association.