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Jamaica's foreign exchange market dysfunctional, says Opposition

Mark Golding
 
The Parliamentary Opposition says Jamaica's foreign exchange market has now become dysfunctional amid reports of another shortage of US dollars.
 
In a statement Thursday, it said the foreign exchange market continues to be plagued by a volatile exchange rate and a lack of transparency in currency trading.
 
It highlighted that the official selling rate for the US currency moved from $142.23 on November 12 to $131.53 on December 19 last year, then to $137.29 by Wednesday, January 15. 
 
Opposition Spokesman on Finance Mark Golding said the business sector has been hit hard by the currency swings. 
 
He called for the government to be transparent and to look into the matter to "see what can be done to make the market more responsive to the needs of the real economy, not just the financial sector." 


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