The Private Sector Organization 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.
And, he says there also needs to be a simultaneous reduction in the country’s import bill through import substitution.
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.