The Private Sector Organization of Jamaica (PSOJ) said it has taken note of the declining value of the Jamaican dollar that ended the week at nearly J$142 to US$1.
In a statement Friday, November 8, the PSOJ said over the last month the J$ had traded with increased volatility and had lost value to the US dollar. The dollar closed Friday, selling at an average J$ 141.89 to US$1.
The PSOJ said between January 1 and Thursday, November 7, the dollar had lost 9.9% of its value or $14.17 against the US dollar.
The PSOJ suggested that the market fundamentals are sound but said it understood “the anxiety that the Jamaican public will have” because of the volatility and the declining dollar.
It urged the Bank of Jamaica to continue to enhance the “market intelligence gathering capabilities and proactive responses to changing market conditions.”