Jamaica is regaining its place as the financial center of the Caribbean. That’s according to financial analyst and commentator, Keith Collister. He says the island is fast becoming a regional capital market.
Our Business and Finance Editor, Kalilah Reynolds, has more.
Mr. Collister says the large amount of activity on Jamaica’s financial markets lately, is good news for the medium to long term.
He says it’s also establishing the country as the financial capital of the region.
He says a Trinidadian investor recently shared his intention to invest millions of US dollars in Jamaica, as he felt it was a better investment at this time than Trinidad and Tobago.
Mr. Collister says the access to capital that Jamaican businesses are now enjoying is notable.
However, he’s warning that this is still in an early stage.
Mr. Collister was speaking on Nationwide This Morning.
Financial analysts Keith Collister and Dennis Chung are also weighing in on the recent slide in the value of the Jamaican dollar.
The dollar is trading at a record low to the US, and is now nearing 142-Jamaican to 1 US dollar.
Mr. Collister says part of the pressure on the currency at this time is seasonal, but there are also other issues.
However, accountant Dennis Chung argues that the country’s larger productivity issue is more to blame.
He adds that although it’s not the central bank’s job to manage the dollar, stability is important for businesses.
He was speaking on Nationwide This Morning with Kalilah Reynolds and Tyesha Turner.