Should we change to US Dollar as our currency?
Published:Monday | August 17, 2020 | 12:22 AM
THE EDITOR, Madam:
The way the Jamaican dollar is falling, I am wondering if we should adopt the US dollar as our currency. The Jamaican dollar is now at $150 to US$1, which means that our currency is worth 66-hundredth of a US penny, if my maths serves me right.
This is a sad situation. Our leaders seem to have mismanaged our once-proud and potentially prosperous country.
Jamaica could have been one of the greatest countries in the world, but that has not happened.
It might sound out of the ordinary, but we desperately need stability, fiscal discipline, lower inflation, absence of exchange rate volatility, ease of integration into world trade, steady markets, reduced transaction costs in trade, plus the benefits of not having to convert the local currency in US dollars.
There could be added advantages, too, that would boost businesses.
Maybe it is time for a change.
PAUL HAYE