PSOJ urges support for flexible exchange rate

Friday, August 17, 2018

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KINGSTON, Jamaica — The Private Sector Organisation of Jamaica (PSOJ) is calling on "well-thinking Jamaicans to refrain from speculative and narrow self-serving activity in the financial market which may have the effect of impeding the success of the national effort to stabilise the FX (foreign exchange) market".

PSOJ said it believes in the tremendous potential that would be unleashed by a stable FX Market and its consequential release of the state's ability to increase its inputs into areas of growth and development.

PSOJ, in a release today, said it acknowledges the substantial progress made by the Government of Jamaica in establishing the stability of the economy and taking positive steps towards growth.

“Equally we are sensitive to the painful sacrifices which all Jamaicans have had to make along the path to recovery. In this context we welcome and endorse the strategy for management of a flexible exchange rate regime by means of a focus on the rate of inflation rather than on the movement of the exchange rate itself.”

PSOJ also encouraged its members to continue to act with discipline and responsibility in managing their FX trading so as to assist the Bank of Jamaica in its establishment of its flexible exchange rate regime

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