According to the news, the Prime Minister and Minister of Finance will update the nation tomorrow on the status of the IMF negotiations, Jamaica’s economic programme and reform measures. This is an eagerly awaited presentation after which all eyes will remain fixed on the dollar.
From the chart above, notice that it’s been a long time since we have seen a revaluation – if even so slight – and that the sharp incline on the right shows that not only is the dollar devaluing, but importantly the rate of devaluation has increased.
On February 8th, the Bank of Jamaica listed the sell rate at J$94.8240 to US$1.
What do you think the exchange rate will be at the end of this month? Comment below.