J$146.07 to US$1 as Economy Stays Under Pressure

The Jamaican dollar opens the business week Monday, May 11, trading near its lowest levels, at $146.07 to US#1.

Over the last two weeks, the Jamaican currency has slipped badly, losing roughly $10 to the US1. It traded Friday at the average selling rate of J$146.10 to US$1.

This, as the leading foreign exchange earners have been hit hard with the tourism industry closed, remittances down and the BPO sector partly shut, all because of COVID-19.

Meanwhile, business leaders have been complaining about the shortage of the US dollar as the greenback continues to appreciate against the local currency.

At the same time, business leaders grouped under the major associations, including PSOJ, JMEA and the Jamaica Chamber of Commerce continue to call for an easing of the COVID-19 restrictions to enable a further opening-up of the economy.

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