Forex: J$125.42 to One US dollar, BOJ to Intervene
As of the end of trading on Friday, May 20, J$125.42 is required to purchase a single US dollar.
According to Finance Minister, Audley Shaw, the Bank of Jamaica is expected to intervene to slow the pace of the dollar’s devaluation against the US currency.
Earlier this week, Opposition Spokesman on Finance, Dr. Peter Phillips asked the government to take prompt action to address the depreciation of the Jamaican dollar against its US counterpart.
Earlier today (May 20) the Jamaica Chamber of Commerce (JCC), earlier today (May 20) called for the intervention of the Central Bank, citing concerns over the increased pace at which the Jamaican dollar is devaluing.
According to the JCC: on January 1, the average rate was US $1 to JA $120. However, at May 19, the figure had declined to US $ 1 to JA $ 125.33.
This represents a decline of 4.2% since the beginning of the year.
The JCC also says that when compared to last year, the Jamaican dollar declined at the same rate, but for the entire year.
Related Post: How the Jamaican Dollar Has Devalued Over Time
Source: Irie FM
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