Dear Editor,

There has been an astronomical decline in the Jamaican dollar over the last 40 years. According to the Bank of Jamaica historical exchange rate data in 1971, the Jamaican dollar was trading at J$.77 to US$1. In 1981, after the general election under the leadership of Prime Minister Edward Seaga, the exchange rate was $J1.78 to US$1. Jump to the present day and the Jamaican dollar is trading at an anaemic J$101.09 to US$1. It appears that the Jamaica dollar is beseeched with ‘crosses’, according to the Jamaican lexicon.

What has occurred over the period of time to make the Jamaican dollar flirt with such devaluation? This once fair lady has become like an aging lady of the night, whose years of service and worth is devaluing and her pimp refuses to retire her, knowing that she has lost her value.

The ineptitude of the Government of Jamaica and Bank of Jamaica policies to curb the dollar’s decline has caused our once distinguished Jamaican dollar to be transformed into the ugly dame, whose path is leading in the same direction as the Zimbabwean dollar.

From my observation, it seems as if the Jamaican Government has made a deal with “De-Lawrence” and broke it, as the country seems to be unable to dig itself out of the economic quagmire. Is it time for the Jamaican dollar to be baptised in holy water and be born again, or should we bathe her down from the “saltness” she has developed over the period of time? Is it time to retire her and move on to greener pasture of pegging her with the American green back? Time will only tell, as the People’s National Party claimed that they are in control and, according to Finance Minister Peter Phillips, we should not have any worries with the devaluation of the dollar. My questions to the minister is: Really? Have you not heard about the price increases due to the devaluation?

Patrick Callum

patrickcallum@yahoo.com