Bank of Jamaica Governor, Richard Byles says there’s no good economic reason to believe the Jamaican dollar will cross the 200 to 1 US mark.
His pronouncement comes as the country continues to grapple with the coronavirus, its implications on tourism and the depreciation of the Jamaican dollar.
Jamaica is heavily dependent on tourism for foreign currency inflows.
And the dollar is now trading at $150.41 to 1 US.
He says persons must also not begin to panic buy foreign currency out of fear that the dollar will also pass the 160 dollar mark in trading against the US.
The BOJ Governor further added that remittances have improved to assist in the purchase of imports.
He says there’s no need to ban certain imports at this time.
Richard Byles, Governor of the Bank of Jamaica.