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Thwaites wants debate on dollar decline

Published:Saturday | October 29, 2016 | 10:00 AM
Ronald Thwaites

Central Kingston Member of Parliament Ronald Thwaites wants the Parliament to engage in a debate on the decline in the value of the Jamaican dollar and its impact.

Thwaites also wants legislators to put forward solutions to the decline.

He has tabled a motion in the House calling for the debate.

According to Thwaites, residents in his constituency and other Jamaicans have been experiencing hardship because of the drop in the value of the Jamaican dollar.

He also contends that economic growth is being affected since there is now more pressure on the local currency.

Thwaites said the deal with the International Monetary Fund has affected the value of the Jamaican dollar.

There have been concerns about the continued slide in the value of the dollar, with calls for the Government to take action to slow the pace.

Last week, Governor of the Bank of Jamaica Brian Wynter told Parliament's Public Administration and Appropri-ations Committee that the Jamaican dollar had declined by 5.6 per cent since April.

Wynter said this compares to 3.9 per cent for the corresponding period last fiscal year.

At the same time, he said inflation has remained fairly low.