Senior Deputy Governor of the Bank of Jamaica, John Robinson says the economy is already seeing the benefit of the devaluation policy being implemented by the government under the economic reform programme.
Mr. Robinson was today responding to claims that the continued depreciation of the local currency is doing more harm than good to those involved in the export and manufacturing trade, along with householders.
One private sector boss, the CEO of Jamaican Teas, John Mahfood has dismissed the government’s policy of depreciation as harmful, saying it’s only serving to make Jamaicans poorer.
Mr. Robinson has rejected that claim, saying the benefits of the policy will in time become evident throughout the economy.
Mr. Robinson says even as some players in the manufacturing sector are now complaining about the effect of depreciation of the local currency on their business, others are having a different experience.
John Robinson, Senior Deputy Governor at the Bank of Jamaica speaking on Nationwide This Morning.