As the Jamaican dollar continues to hit record lows, the news is not good as there is not expected to be any ease in the near future of the country’s foreign currency situation.
In fact, central bank Governor Richard Byles has declared that Jamaica can brace for a substantial decline in net foreign currency inflows, as the country’s current account of the balance of payments is expected to worsen. This means foreign currency access for business and personal purposes will get even tighter and will result in further devaluation of the local currency, which has already hit $150 to US$1.
At the close of trading on Monday, the dollar further slipped to $150.70 its highest trading rate ever.
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