Movement In the Exchange Rate Is Expected

Finance Minister Dr. Nigel Clarke says the government is currently monitoring the movement in the foreign exchange market. This as the Jamaican dollar in recent weeks depreciated to historic low trading in a range of 1-hundred and 50 to one U.S dollar. The Minister was a guest on CVM LIVE’s Panel Discussion last Thursday evening.

Minister of Finance and Public Service Dr. Nigel Clarke says in historical context there is no getting away from the exchange rate moving and as such depreciation is expected.

Dr. Clarke concedes that due to surge in demand the world is experiencing higher levels of commodity prices. Despite the impact of the COVID-19 pandemic, Dr. Clarke sought to reassure the public that the reserves in the Bank of Jamaica are at the highest levels.