J$ hits historic low as US$ scarce

The Jamaican dollar has opened on the last business day of the week at its lowest levels ever, having started trading Friday morning, May 7 at J$146.10 to US$1.

The J$ has been trading at below $140 to US$1 for more than a week, as businesses say there is a scarcity of foreign exchange.

Financial analysts explain the scarcity as well as the falling value of the dollar on COVID-19 induced situations. They point out that the tourism industry, the largest foreign exchange earner has been shut down; remittances have fallen off by some 15 percent to 20 percent and Jamaica’s third-largest earner, the BPO sector, has also been hit hard.

The dollar crashed pass the J$146 to the US one dollar mark despite BOJ intervention Thursday when it pumped an estimated US$30 million into the market.

 

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