Jamaican Dollar Continues To Slip – Byles Says Further 6% Needed, IMF Says Up To 15%

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June 30, 2014 , the last day of trading for the month, the Jamaican Dollar traded for an average selling rate of J$112.03.

The decline represents a 13% depreciation in the selling rate since the approval of the IMF Agreement on May 1, 2013, when the Jamaican dollar traded for an average J$99.33 to US$1.

The currency declined by 11% when compared with the closing selling rate J$101.38 in June 2013 and it had an even higher depreciation of 26% against the average closing rate for June 2012 J$88.70.

 Indicative exchange rates for the last day of each month from January 2013 to June 2014

Co-chairman of the Economic Programme Oversight Committee (EPOC), Richard Byles has stated that there needs to be a further 5.5 per cent depreciation in the value of the Jamaican dollar against the United States banknote for the country to remain competitive. Read the full story.

On the other hand the International Monetary Fund (IMF) staff has said that the Jamaican dollar still needs to be depreciated by between 3% and 15%. Read the full story

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.