Friday 24 May, 2019

Jamaican dollar continues slide; loses 12 cents against US

The Jamaican dollar hit a new low on Monday, sinking 12 cents deeper into $136 territory against its US counterpart, according to the trading summary from the Bank of Jamaica (BOJ).

It closed at $136.55 against the US from $136.43 as it continues to lose ground heavily versus the greenback. 

Meanwhile, also on Monday, the British Pound Sterling closed at $173.72 from $174.13 while the Canadian dollar closed at $105.07 from $104.91.

The Opposition People's National Party has accused the Government of deliberately pushing down the value of the Jamaican dollar. Opposition Spokesman on Finance, Mark Golding argued in July that “consumers, already hurt by rising electricity and gas prices, can brace for a further battering from unwanted price increases driven by the falling Jamaican dollar that the Government seems to be pursuing as a matter of unannounced policy.”

However, Minister Without Portfolio in the Ministry of Finance and Public Service, Fayval Williams has attributed the dollar slide to higher demand for the greenback driven mainly by companies which are restructuring their US dollar debts.

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