Jamaican dollar slides to it’s lowest, worries Private Sector

Posted by admin on December 9, 2012 in Caribbean news

As the value of the Jamaican dollar continues decline, members of the private sector have voiced concern about the possible implications for the country.

On Wednesday, the local currency sunk to its lowest value with more than J$92 required to purchase one US dollar.

At the end of the day, the US dollar was being sold an average J$92.05 but was being sold for as high as J$95 by some traders. One year ago the average rate was J$86.70.

The Jamaica Chamber of Commerce, (JCC), is predicting a further slide in the dollar as the country awaits word on a new deal with the Government and the International Monetary Fund, (IMF).

According to JCC president, Francis Kennedy, this has left business owners in uncertainty and merchants are trying to stave off financial losses by paying their suppliers earlier than usual.

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