KINGSTON, Jamaica — Minister of Finance Minister and the Public Service Dr Nigel Clarke today met with several private sector leaders to discuss, among other things, the volatility of the exchange rate and its impact on businesses.

The meeting saw President of the Private Sector Organisation of Jamaica (PSOJ) Howard Mitchell, EPOC Co-Chair Keith Duncan, Jamaica Manufacturers and Exporters Association (JMEA) President Metry Seaga, Past President Omar Azan and Executive Director Imega Breese McNab assuring Clarke of their support for his call for policy continuity into the post International Monetary Fund (IMF) programme period.

The meeting also discussed the agenda of fiscal and monetary reforms being pursued, the progress that has been made in restoring both macro-economic stability and the sustainability of Jamaica’s external accounts.

According to a joint statement from the parties this afternoon, Clarke assured the business leaders that he understood their concerns as well as the difficulties being experienced by the productive sector regarding the exchange rate and proposed to work with them in realizing a solution.

“We had a spirited discussion with a good outcome. It goes without saying that policy continuity is critical. However, it is also important that we create a framework that allows businesses to adjust to this new environment through the availability of hedging instruments, appropriate training and the availability of real time information,” PSOJ’s Mitchell was quoted in the joint statement.

Clarke noted concerns about the financial sector and the Bank of Jamaica (BoJ) to accelerate the introduction and availability of hedging options, including a forward market, and a real time trading platform to provide greater transparency and price discovery and to deepen the foreign exchange market.

The minister further stated, “It was a fruitful meeting with a positive outcome. The more real time information FX market participants have, the better decisions they will make. The financial and non-financial private sector working together with the BOJ can help accelerate the introduction of a transparent trading platform and hedging instruments. I look forward to actively supporting the private sector in achieving these goals.”