The Chief Executive Officer of the Private Sector Organization of Jamaica, PSOJ, Dennis Chung, says Jamaicans should stop fretting about the depreciation in the value of the local currency against its US counterpart.
At the close of business yesterday the Bank of Jamaica is reporting that it took JMD$120.34 to buy JMD$1.
Mr. Chung says the fruits of the government’s much criticized monetary policy, are finally starting to emerge.
Mr. Chung says the pace of depreciation will slow even further when the $62-billion owed to bond holders who participated in the National Debt Exchange, is paid in February next year.
Mr. Chung says the value of the local currency is over emphasized by some commentators as they analyze the state of the economy.