Wednesday, March 18, 2009, Jamaica Observer

Chief executive officer of the Jamaica Money Market Brokers, JMMB, Keith Duncan, says the Jamaican currency will continue to experience decline if production in the country is not boosted.
Duncan said the outlook now is for the Jamaican dollar to decline against its US counterpart. Duncan said although steps have been taken by the Bank of Jamaica to control the sliding dollar, there is still instability in the market.

Duncan said he expects the decline to continue but hope that it will be in an orderly way and not in the sharp drops experience in recent weeks.
“We would prefer that it is an orderly depreciation, because the dollar has been depreciating, in the mid to late 90s the dollar was 30/40, now it’s 80, it’s been depreciating, it’s been devaluing,” added Duncan.

He said the country has been underperforming and adds that unless something is done to change its status and boost production, the dollar will continue to experience rapid depreciation. He said measures now need to be implemented to attract more investors.

“Unless we get this country growing then it will continue to depreciation, so there could be short-term fluctuation, but overall unless we get the economy moving the dollar will continue to deteriorate”.
Duncan said bankers and cambio operators recently engaged the BOJ in dialogue to ensure some stability in the currency. He said the sector is willing to work with the BOJ to ensure there is stability.
Duncan was addressing business persons in Ocho Rios on Tuesday at a seminar put on by JMMB to advise persons on wise investment opportunities available at the financial institution.