Weekly Round-up: Dollar slide under control...WISYNCO fire...Gov't commits US$150k to Racers Grand Prix

Saturday, May 28, 2016

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KINGSTON, Jamaica – The Bank of Jamaica (BOJ) sold some US$158 million to the foreign exchange market in an effort to stem the slide of the Jamaican dollar.
Described as the biggest-ever intervention by the BOJ, Governor Bryan Wynter and finance minister Audley Shaw both say the dollar slide is now under control.
On January 1 this year, the average rate of exchange was J$120.24 to one US dollar. But on Thursday, May 26, it was J$125.42 to US$1.
Meanwhile, on Thursday the Wisynco warehouse at Lakes Pen, St Catherine was destroyed by fire.
The fire at the warehouse, which serves the entire WISYNCO portfolio, including WISYNCO Foods, Wendy's and Dominoes, resulted in heavy losses but no injuries.
In sport, the Government has committed US$150,000 to the inaugural Racers Grand Prix set for June 11.
The Racers Grand Prix will see over 100 athletes from 10 countries participating.




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