KINGSTON, Jamaica (JIS) — Governor of the Bank of Jamaica (BOJ), Brian Wynter, has indicated that the exchange rate continues to remain stable and that the net international reserves (NIR) are still well in excess of the target.

“With the Jamaican dollar no longer overvalued, the improving inflation outlook and the resulting narrowing of the inflation differential between Jamaica and the United States, this means that the exchange rate will likely continue to exhibit relative stability going forward, although some correction may become necessary, if the US dollar continues to strengthen against third currencies,” he said.

The Governor, who was speaking at the Bank’s quarterly press briefing at its headquarters in downtown Kingston, on March 7, also informed that shocks that would likely affect the exchange rate are fairly benign.

“Oil is low, other commodity prices are reflecting weakness, and grains that are affecting food prices internationally are not showing any great strength at all in terms of prices going up. We are increasingly attractive as a tourist destination, so we’re seeing prospective income,” Wynter said.

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