Jamaican Dollar Still Overvalued – IMF
The Jamaican dollar is still slightly overvalued according to the International Monetary Fund (IMF).
Currently just over JMD $129 is required to purchase US $1.
On Tuesday the IMF reiterated its position that the Jamaican dollar is overvalued by stating:
“The exchange rate is broadly in line with fundamentals, but the balance of risks continues to point towards a modest overvaluation”.
However, a day earlier, Governor of the Bank of Jamaica, Brian Wynter stated that the Jamaican dollar was now fairly valued.
The IMF says that a further depreciated Jamaican dollar will make Jamaica more competitive and result in increased production.
A recent intervention by the Bank of Jamaica has helped the Jamaican dollar appreciating from an average $129.19 to the USD.
As of November 21, the National Commercial Bank lists the foreign exchange rate as JMD $129.07 to US $1.
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