The initiatives
which have been introduced by the authorities to halt the rapid slide in the
value of the Jamaican dollar will be put to the test this week.
The foreign currency market faces it first trading week since the Ministry of Finance and the Bank of Jamaica unveiled measures aimed at restoring stability.
On Wednesday the Finance Ministry announced a special facility to increase the availability of US dollars to financial institutions while on Friday, news came that the Central Bank had hiked interest rates in a bid to mop up excess liquidity in the market.
At the close of trading on Friday, the US currency was still being sold above the J$74 mark - J$74.30 was the average rate.
The Jamaican dollar has been under pressure over the past two weeks due to increased demand for US dollars by major financial institutions.
The foreign currency market faces it first trading week since the Ministry of Finance and the Bank of Jamaica unveiled measures aimed at restoring stability.
On Wednesday the Finance Ministry announced a special facility to increase the availability of US dollars to financial institutions while on Friday, news came that the Central Bank had hiked interest rates in a bid to mop up excess liquidity in the market.
At the close of trading on Friday, the US currency was still being sold above the J$74 mark - J$74.30 was the average rate.
The Jamaican dollar has been under pressure over the past two weeks due to increased demand for US dollars by major financial institutions.
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