Rebounding Dollar

The Jamaican dollar opened this morning again below J$130 to One US dollar.

The dollar inched under the psychological benchmark of J$130 to US one last Friday. Monday it opened selling at J$129.32 to US$1.

The Jamaican dollar reached an all-time low of $137.62 to US$1 in late August. The slide of the dollar then drew sharp criticism from members of the public, some business leaders and some members of the Opposition.

However, the slide stopped in September and since mid-October the dollar has been steadily appreciating.

The Government and Bank of Jamaica have maintained that the economic indicators are in good stead and that the low inflation rate was more significant than the value of the dollar that was expected to rise and fall in accordance with market conditions.

By: Franklin McKnight

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