Thu | Jun 17, 2021

BOJ Governor seeks to quell concern over sliding dollar

Published:Thursday | June 13, 2013 | 12:47 PM

Gary Spaulding, Senior Gleaner Writer



The Governor of the Bank of Jamaica Brian Wynter has moved to downplay public concern about the exchange rate as the Jamaica dollar eased pass the J$100:US$1 mark.




Wynter told journalists at the weekly Jamaica House Press briefing a short while ago that the recent depreciation of the local currency must be placed in the correct context.



He said while he understands the concern from some sections of the public, the movement of the dollar is in keeping with the expectations of the Central Bank.



The BOJ Governor would not be drawn into predicting the extent to which the local currency would continue to depreciate saying Jamaica is operating under a flexible exchange rate regime, to which the Central Bank is committed.



Wynter noted that a critical component of the BOJ is to contain inflation and predicting outcomes of the level to which the dollar would depreciate would defeat the purpose.   



He stressed that the BOJ has seen no evidence to suggest that there is a black market.



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