Editorial

Canadian Dollar Falls J$72c As Jamaican Dollar Revalues…

The remarkable economic successes started under the previous Finance Minister Shaw continues to march on under new Finance Minister Dr. Nigel Clarke. The Jamaican dollar was at $131 to US$1 in 2016 when the PNP left office.  We see other currencies decline and rise in relation to the J$ since.  This speaks well for our future growth.

The Canadian dollar was rising, yet within the last month or so, we see the opposite. In fact the Canadian dollar rose to over CA$100 to JA$1.  This rise has been transient. Today April 12, 2018 the Canadian dollar for example fell to under CA$100 to the Jamaican dollar.

Revaluation

The  buoyant Jamaican economy seem to have caused this to occur.  With consumer confidence on the rise and with business confidence stable the stage is set for this positive movement of Jamaican currency.

We hope growth in Jamaica’s economy will benefit soon. The GDP growth of the Jamaican economy has been sluggish between 0.9 to 1+ percent. We need to reach at least 5 percent.

Dr. Nigel Clarke

The new Finance Minister Clarke seem anxious to abandon the IMF.  He cautioned that:  “A no one day monkey want wife” local dialect (patois). When translated into standard English, means: ‘It is not prudent to be ungrateful or burn your bridge behind you, as you may have to return to same’. This admission by Minister Clarke is refreshing.

Let us wait to see what happens.

Hopeton O’Connor-Dennie is Senior International Correspondent & Photojournalist for Vision Newspaper Canada.

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