The local currency continued to weaken against the United States (US) currency in the month of July. The US Dollar closed trading in July by selling for an average of J$101.86 to US$1.
This represents an ~0.5% depreciation in the average selling rate from the end of June 2013. In June, the closing average selling rate was J$101.38 to US$1.
However, as high as the selling rate was (in comparison to the end of June) at the end of July at an average $101.86 to US$1, this actually represented a minute 0.14% appreciation from the record high of $101.99 which the currency traded for on the 19th of July.
Since the approval of the IMF Agreement on the 1st of May, the currency has depreciated by ~2.48% coming from a selling rate of $99.33.
The current movement of the dollar is supposedly market forces at work with the Jamaica dollar attempting to find its ‘true value’ without intervention from the Bank of Jamaica.
diGgers stay up to date with the monthly movement of the exchange rate and its impact on the conditions of the IMF program by checking 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.