Wisynco announces price reductions, based on strengthening Jamaican dollar

Wisynco Group has become the first company to publicly announce a roll back of prices, this coming one day after RJR News reported on public expectations of some price reductions based on the strengthening Jamaican dollar.

Wisynco announced its decision on Thursday, citing the strengthening of the Jamaican dollar as the reason for the price reductions.

The US dollar peaked at a record J$131.31 on September 15 this year, but at the end of Friday's trading it was selling for $125.22.

Earlier onn Thursday, Metry Seaga, President of the Jamaica Manufacturers Association, urged his members to pass on the benefits to consumers, either now, or very soon next year.

William Mahfood, Chairman of Wisynco Group, then announced the roll back at the listing ceremony for the Wisynco company.

He stated that there would be single-digit percentage reductions, based on what the company sees as a more stable economic environment.

He added that an analysis will also be done on goods manufactured at Wisynco's factories to assess whether prices for those goods could also be reduced.