Jamaica Facing Possible Currency Crisis
KINGSTON. Jamaica - Where is the exchange rate now?
As we enter the final quarter of the year, it is important to look at the value of the Jamaican dollar. Having started the year at approximately J$93 to one US dollar, the Jamaican dollar depreciated by more than $10.50, selling for a record high of $103.59 to US$1 at the end of trading day on Monday.
This comes as no surprise, as Jamaica has failed to attract the foreign-currency inflow needed to support the country's high demand for foreign goods and services. Although some speculate that this depreciation might be good for exports, as Jamaican goods and services now appear cheaper to the rest of the world, it is really of no use if the country is incapable of producing in mass quantities.
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