PSOJ addresses concerns regarding slide in Jamaican dollar

The Private Sector Organisation of Jamaica (PSOJ) has reacted to growing alarm regarding the slide in the value of the Jamaican dollar to the US currency.
At the end of trading on Thursday, the US dollar was trading for an average $141.90.
In a statement Friday, the PSOJ noted that for the calendar year to date, the point to point currency depreciation has been 9.9 per cent or $14.17.
The organisation said while inflows to the market are at the same level as in October 2018, there has been an increase in seasonal demand from end users including clients from the Energy, Distributive and Manufacturing Sectors along with portfolio demand from financial institutions.
The PSOJ said it is aware of the public anxiety over the currency slide and the likely impact on business and individuals.
The PSOJ has urged the foreign exchange working committee established and led by the Bank of Jamaica to continue efforts to implement the Electronic Trading Platform and further develop the forward currency market. 

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