KINGSTON, Jamaica — Opposition Leader Andrew Holness has challenged the Government to halt the continuing slide in the value of the Jamaican dollar.

Holness in a release, today, said that the Jamaica Labour Party (JLP) will not sit idly by and allow the dollar to slide beyond the J$120 to one US dollar mark.

Speaking on Sunday at the JLP’s constituency conference in South East Clarendon, Holness said that when the Government engaged the International Monetary Fund (IMF), they claimed that the dollar was overvalued, and that it was necessary for the dollar to reach its right value in order to secure export competitiveness.

However, the Opposition Leader said that when asked for an indication as to what they believed the value of the Jamaican dollar should be, the Government hinted at between J$115 and J$120.

He said that the rapid slide in the value of the Jamaican dollar is gravely affecting the poor and unemployed, and is causing the price of basic necessities to rise.

He also noted that the sliding dollar is causing the price of raw materials to increase, thereby driving up the cost of production to the manufacturing sector in particular, and causing several small businesses to buckle under the pressure.

He urged the Government to commit to returning stability to the foreign exchange market, as the current devaluation policy has not served Jamaica well.

“The country is yet to see any compelling indication that our exports are becoming more competitive, and outstripping imports in any significant way,” Holness said, emphasing that in light of Jamaica’s heavy reliance on imports in the production process, and the negative impact on the economy and people of Jamaica, the Government’s policy of devaluation must be halted.

Balford Henry