Jamaican Dollar Flies Past $136 Against US
On Wednesday, the Jamaican dollar devalued by an additional 58 cents to surpass the $136 mark for the first time against its US counterpart.
The dollar closed at at $136.17 against the US from $135.59 the previous day. In recent months, the dollar has weakened significantly against the greenback.
The sliding dollar has in recent times led to speculation that the Bank of Jamaica (BOJ) is manipulating the foreign exchange rate.
Last 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 saying that even 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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