PSOJ President Urges BOJ To Implement Policy Measures To Halt Sliding Dollar


The Private Sector Organisation of Jamaica, PSOJ, is again raising concerns about what it’s describing as increased volatility in the foreign exchange market.

This week the Jamaican dollar continued its record slide as it surpassed the 141 to 1 US dollar mark for the first time in recorded history.

The PSOJ says while inflows to the market remain the same in comparison to October 2018, there has been an increase in seasonal demand from some sectors.

Keith Duncan is PSOJ President.

He says manufacturers and distributors are among those most negatively impacted.

Mr Duncan says there’s a growing need for an increase in the nation’s earning capacity through the export of goods and services.

He says there also needs to be a simultaneous reduction in the country’s import bill through import substitution.

Keith Duncan, PSOJ President, speaking this afternoon with Nationwide News.

The PSOJ says it acknowledges that efforts are ongoing to further develop the forward market for foreign currency transactions.

But, it says those efforts need to be accelerated.

Stevian Simmonds is an investigative journalist with almost 3 years of experience in radio broadcasting, production and reporting. She graduated from Caribbean School of Media and Communication in 2014 and joined Nationwide News in 2016. In 2018, she produced a special report examining the working conditions of the Bussiness Process Outsourcing Industry. She worked undercover as a call center agent for a month, revealing the lack of data protection and general security infrastructure in the industry. Her report also highlighted the poor working conditions and remuneration faced by workers in the industry. In 2018, Stevian traveled to New Delhi India where she participated in the Inaugural WHO Partners Forum benefiting from critical training related to reporting on women’s and children’s health issues.

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