Foreign Exchange: J$135.46 To One US Dollar
On Friday, August 3 the US dollar ended trading at J$135.46 down by 7 cents according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar ended trading at J$105.25 up from J$105.15 while the British pound sterling ended trading at J$174.97 up from J$174.78.
The sliding dollar has in recent times prompted assertions that the Bank of Jamaica (BOJ) is manipulating the foreign exchange rate.
Earlier this week, Mark Golding, Opposition Spokesman on Finance, vocalised his concerns about the BOJ buying US dollars at high rates, which could potentially place added pressure on the local currency.
However, BOJ Governor Brian Wynter responded on Friday, saying that enough though it is true that the bank is the US currency, it is wrong to describe the situation as the Bank of Jamaica driving the rate up.
The Parliamentary Opposition is among several groups that have recently expressed concern regarding the depreciation of the Jamaican dollar against the US currency.
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