Thu | May 23, 2019

Opposition concerned about depreciation of JA dollar against US

Published:Tuesday | June 12, 2018 | 2:12 PM

The Opposition People’s National Party (PNP) is calling for the Government to be more open and transparent in its current strategy for the Jamaican currency.

In a statement today, the Opposition said it is concerned that, at a time when there has been sudden and rapid depreciation of the Jamaican dollar, the Bank of Jamaica has reportedly been purchasing US dollars in the market, putting further pressure on the currency.

According to the opposition, businesses with US dollar loans and accounts have suffered unexpected exchange rate losses in the past few weeks.

It contends that this has, in turn, affected their pricing and other business decisions.

The Opposition further said that it is concerned as to the likely impact on consumers whose incomes are fixed, especially at a time when world market prices for oil have been rising, which it said has affected gas and electricity prices.

Opposition Spokesman for Finance & Planning Mark Golding stated, “This instability is occurring at a time when the public has been repeatedly told that all targets under the International Monetary Fund programme are being consistently met, including the target for non-borrowed reserves. Amidst the current slide, the silence of the Government is unacceptable,".

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