On Friday June 7, 2013 the Jamaican Dollar made history when it broke the psychological barrier of $100 to US$1, closing trading with a weighted average rate of $100.08:US$1.
This represents a 1.1% devaluation since May 7, 2013 when it traded for $99.01:US$1 and a 1.13% depreciation since reaching the two-month high of J$98.96:US$1 on May 20 (14 days ago).
Hon. Dr. Peter Phillips, Finance Minister in speaking with The Sunday Gleaner, said “The Government is not under threat and remains intact despite the slide in the value of the dollar”. In addition to the Finance Minister being unperturbed by the recent movement of the currency, former Financial Secretary, Dr Wesley Hughes is of the opinion that the current situation will not affect the success of the country’s programme with the International Monetary Fund (IMF).
For more information about the role of the exchange rate under the IMF program check out our IMF Special Report. Fueled by research, it is the first and only online information portal about Jamaica’s relationship and interaction with the IMF, providing valuable news, data, timelines and resources.