Jamaican Dollar Continues to Weaken

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Jamaica News: The Jamaican dollar has declined further in value and has now broken through the $136 barrier. As of August 8, it traded at JA$136.18 to US$1.00.

The continued slide in the dollar is beginning to worry ordinary Jamaicans who now wonder how steep the impact will be on the price of goods and services.

The Jamaica music fraternity was plunged into mourning after the passing of “Carrot” formerly of world renowned group Third World.

Economist Dr Damien King of the Department of Government at the University of the West Indies explained what is happening to the currency. He said “historical exchange rate depreciations were driven by inflation; that is why it used to go only up. With inflation now low, that is basically done. Now normal fluctuations in foreign exchange demand and supply drives it both ways. Right now, there is a lot demand from construction and savers.” 

He however pointed out that it is not all doom and gloom because the last time the dollar slid dramatically it made local production much more competitive, as 50,000 more people got jobs to produce the additional local products being demanded. That’s how 50,000 “ordinary men” benefited” he said.

 

By: Mckoy’s News Reporter

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