‘STOP Chasing the Dollar!’ – Shaw

Finance Minister, Audley Shaw, is urging buyers of foreign exchange to stop chasing the dollar and contributing to its continuing depreciation.

He says there’s no need as the country has no shortage of foreign exchange in its Net International Reserves, NIR.

The Finance Minister was responding to growing concerns over the continuing depreciation of the Jamaican dollar versus the benchmark US currency.

He notes that despite depreciation being inline with expected market trends, certain transactions have further dragged the currency down.

Mr. Shaw says the government is exploring further measures to improve the country’s foreign exchange market.

However, he’s noting that the recent movements in foreign exchange are indicative of increased investment in and business activity locally.

He was speaking in yesterday’s sitting of the House of Representatives.