Wed | Aug 23, 2017

Thwaites: Parliamentary debate on decline of Jamaican dollar needed

Published:Friday | October 28, 2016 | 10:58 PM
Central Kingston MP Ronald Thwaites.

Central Kingston MP 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 and 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 acute 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 says the deal with the International Monetary Fund has affected the value of the Jamaican dollar.

 

Central Kingston MP, Ronald Thwaities

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.

At the end of trading yesterday, the local currency was being sold for $129.12 to US$1.

Last week, the Governor of the Bank of Jamaica, Brian Wynter, told Parliament’s Public Administration and Appropriations Committee that the Jamaican dollar has 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.