Letters to the Editor

JMA encouraged by BOJ's foreign exchange initiatives

Monday, November 13, 2017

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Dear Editor,

The Jamaica Manufacturers' Association (JMA) is encouraged by the Bank of Jamaica's (BOJ) improved management of the foreign exchange, which has resulted in greater predictability of the movement of the Jamaican dollar.

We welcome this move, as predictability and stability in the foreign exchange market allows Jamaican manufacturers and business owners to confidently plan, expand, and compete both locally and internationally, resulting in sustainable job creation and economic growth.

The introduction of the BOJ Foreign Exchange Intervention & Trading Tool (B-FXITT) foreign exchange system by Governor Brian Wynter and his team at the Bank of Jamaica, as well as their ambition to reduce the surrender amount of foreign currency by five per cent, which is projected to make US$30 million available to the market monthly, are moves the JMA believes should be commended.

We are pleased that the governor has been consulting with members of the private sector and has taken the feedback of the productive and business communities into consideration. We are seeing early signs of true market forces at work, and we certainly look forward to more initiatives from the BOJ and the Government that are realistically aligned with the nation's objective: Jamaica, the place of choice to live, work, raise families, and do business.

Jamaica Manufacturers' Association

85A Duke Street, Kingston

victoria@jma.com.jm

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