IMF Mission Chief to Jamaica, Dr. Uma Ramakrishnan, is recommending the Bank of Jamaica lead a public education campaign about the dollar.
Dr. Ramakrishnan was speaking today at the IMF’s final media conference under the Standby Arrangement, as the programme has now officially come to an end.
As the Jamaican dollar again hovers around a record low against the US, the IMF’s departing mission chief to Jamaica, Dr. Uma Ramakrishnan, is urging the central bank to launch a public education campaign.
She and others, including Bank of Jamaica Governor, Richard Byles, have been urging the use of forward contracts for the purchase of US dollars.
This would allow people and businesses to order foreign currency at a set rate well in advance.
The IMF’s new resident representative, Karim Youssef, says the conversation on the dollar has been one-sided.
But at this morning’s media conference, small business owner, Marc Gayle, said some of the banks themselves have been slow to adopt.
Dr. Ramakrishnan says that’s where the BOJ needs to step in and play a greater role in educating both the banks and the public.
The IMF Mission officially came to an end on November 10.
However, the Fund is maintaining an office in Jamaica for the time being.