The Jamaican Dollar Reaches a New Low

The Jamaican dollar continued to teeter around the century barrier today
crashing through the $99 Jamaican, to US $1 mark for the first time
ever.
It ended trading at $99.7 Jamaican, to one US $1 dollar on April 2.
This after losing 19 cents in trading against the US dollar after the
Easter break.
Bank of Jamaica figures showed demand continues to out-strip supply
in the foreign exchange market. On Monday, April 1, authorized dealers
bought 55 million US dollars and sold just over $62M. The figures showed
that some traders paid as high as JMD $103 for the US dollar.
Analysts say the dollar continues to lose value because of the lack
of confidence in the economic programmes, and the protracted delays in
getting an IMF agreement.
As the dollar sinks, government will be required to pay-out more to service its foreign debt.
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