By Al Edwards, Business Co-ordinatorTHE JAMAICAN dollar hit a new low yesterday when it traded as high as $66.35 against its United States counterpart, with the weighted average rate settling at $64.40. This spelt a slide of $1.75 the sharpest drop within 24 hours.
The buy rate went as high as $66.20 with the lowest being $52.75. The sell rate hit a high of $66.35 with the lowest being $56.13 according to data released by the Bank of Jamaica yesterday.
Attempts by the Bank of Jamaica to stem the continuing depreciation of the dollar have proved futile. Both the Minister of Finance and Planning, Dr. Omar Davies, and the Governor of the Bank of Jamaica, Derick Latibeaudiere, returned to the island yesterday from the United States capital, Washington D.C., where it is generally assumed that they were attempting to raise even more funds to redress the deficit in the budget. The Gleaner understands that Dr. Davies paid a call on the managing director of Bear Stearns, Carl Ross to update him on his efforts to reduce the deficit in the budget and raise more revenue.
The British pound sterling soared to new heights yesterday when it surpassed the $100 barrier with its highest buy rate settling at $104.20 and the highest sell rate at $105.000. The Canadian dollar climbed also to sell as high as $47.00 with the highest buy rate being $46.70.
With many of the country's leading financial institutions holding on to their US dollars, speculators have borne the brunt of the blame for the dramatic depreciation of the dollar.
In a twist of fate JMMB saw its share price jump by $1.00 yesterday to settle at $8.50 as dealers scrambled to get their hands on the greenback.
