The exchange rate ended closing day on Tuesday at little less than J$128 to US$1. Coming from approximately $120 to $1 at the start of January 2016, consumers anticipated the rate to plateau at US$125 to J$1 the most.
However, the depreciating trend has continued like a freight train and already the currency has depreciated by more than five per cent since the start of the year.
Industries that are competitive usually provide the best outcomes for society - the lowest possible prices, the highest possible quality, and efficient use of resources (raw material, capital and labour). This efficiency allows the country to get maximum output from its limited resources. Consumers and society at large benefit from competition.
How Valuable Was Our Currency?
Upon receiving Independence from Britain, Jamaica strengthened its currency board system by establishing the Bank of Jamaica. The exchange rate was pegged one to one with the British pound. Annual inflation rate was low and industrial expansion, including a boom in the bauxite industry, encouraged production towards the end of the '60s.
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Our 7 faculties and 12 professional schools offer more than 200 programmes to some 18,000 graduate, undergraduate and continuing studies students.
The UWI, Mona ranks first in Jamaica among accredited tertiary-level programmes. In 2012, the University was again one of Jamaica’s Top 100 Employers.
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