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Update: Economists weigh in on black market talk

Published: Tuesday November 13, 2012 | 6:11 pm Comments 0

Financial analyst, Dennis Chung says thereís no evidence to suggest the black market for foreign exchange is re-emerging.

Earlier today the Jamaica Labour Party spokesperson on finance, Audley Shaw said there are signs this is happening.

He stated that the daily uptake now stands at $20 million down from $40 million.

However, Chung says it will be difficult for this parallel market to exist and flourish because Jamaica has a floating exchange rate.

A floating rate means the currencyís value is allowed to move up and down based on market forces.

Chung says given this scenario, thereís no need for anyone to go on the black market for better rates.

However, economist, Dr Davidson Daway feels the black-market never ceased to exist, saying itís hypocritical to say itís re-emerging.

He says until regulations are put it place it will continue to be an alternative.

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