The spending power of Jamaicans has taken a major hit in recent years as the dollar continues to devalue at an astronomical rate.
Generation 2000 the youth affiliate of the Jamaica Labour Party has warned that the rapid slide in the Jamaican dollar threatens the business sector in Jamaica.
According to G2K, since March 12, 2013 the Jamaican dollar lost 12.2% of its value moving from Jamaican $97.34 to 1 US dollar to an all-time high of Jamaican $109.02 to 1 US dollar on Wednesday.
“The slide in the dollar is having a debilitating effect on all Jamaicans, especially those in the micro and small enterprise sector. It is clear that at this pace of devaluation, our businesses are unable to properly plan and forecast and it is completely eradicating the slim profit margins that these organisations currently survive on” said Floyd Green.
The group added that despite assurances from Finance Minister Dr. Peter Phillps, that depreciation may be good for Jamaica’s economy, they have claimed that the Government has put nothing in place to enable the Private Sector to benefit from relatively cheaper costs of exports.
Check out how the Jamaican Dollar devalued between the years 1971 to 2013.
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