Thursday, February 07, 2019

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The Bank of Jamaica (BOJ) has pointed to two errors in Tuesday’s report on comments made by governor Brian Wynter.

The bank pointed out that the governor did not say that “The recent fall in the exchange rate of the Jamaican dollar against its US counterpart is good news for the economy, as it shows that it is improving”.

The Governor said: “Since the start of the year, there have been higher levels of demand for US dollars arising from large capital market transactions.

“Now, I need to point out that these types of capital market transactions are in fact a good sign for the economy. Also, many of the transactions involve Jamaican companies converting their debt into Jamaican dollars from US dollars as they take advantage of the exceptionally low interest rates that are now available in Jamaican dollars; another good sign. To add to the good news, foreign inflows, that is, US dollars coming into Jamaica, have not slowed down since the start of the year.”

Also, the BOJ states that the paragraph which read “The selling rate for a US dollar was $147.21 yesterday (Monday) and $137.06 on Friday, compared to a rate of $131.01 on January 21. On Christmas Eve the rate was $128.44” should have stated: The selling rate for the US dollar for yesterday, Monday, February 4, 2019, was 137.21.

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