Fri | Sep 21, 2018

PSOJ urges support for flexible exchange rate

Published:Saturday | August 18, 2018 | 12:00 AM

The Private Sector Organisation of Jamaica (PSOJ) has challenged its members to support the central bank's efforts to establish a flexible foreign exchange rate regime by continuing to act with discipline and responsibility in managing their foreign exchange trading.

In a press release issued on Thursday, the PSOJ acknowledged the substantial progress made by the Government in stabilising the economy and taking positive steps towards growth.

"Equally, we are sensitive to the painful sacrifices that all Jamaicans have had to make along the path to recovery. In this context, we welcome and endorse the strategy for management of a flexible exchange rate regime by means of a focus on the rate of inflation rather than on the movement of the exchange rate itself.

"In doing so, we are constrained to also call on all well-thinking Jamaicans to refrain from speculative and narrow self-serving activity in the financial market, which may have the effect of impeding the success of the national effort to stabilise the FX market," the group said.