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Shaw: Forex black market re-emerging

Published:Tuesday | November 13, 2012 | 11:54 PM

Livern Barrett, Gleaner Writer

The Opposition Jamaica Labour Party (JLP) says there are signs that the black market for foreign exchange is re-emerging.

According to the Party's spokesman on finance, Audley Shaw, an indication of this is the drastic fall off in the average daily intake of foreign exchange into the formal system.

Shaw says the average daily intake of foreign exchange now stands at close to US$20 million, down from US$40 million several months ago.

Speaking at a press conference this morning, the former finance minister said there are also numerous suggestions as to where all this foreign exchange is going.

One of those suggestions, he says, is the re-emergence of the black market.

Meanwhile, JLP Leader Andrew Holness says this scenario is dangerous for the economy, the poor and persons living on a fixed income.

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