Jamaican dollar declines 7.4% in 2021

The Jamaican dollar continues its slide against the American dollar in 2021, declining by approximately $10.74 or 7.44 per cent relative to the $144.41 reported as at December 2020.

In addition, the Jamaican dollar depreciated by as much as $1.16 in December 2021 to close the month at an average of $155.15 relative to the $156.31 recorded the previous month in November 2021.

Year over year, the Jamaican dollar depreciated from $144.41 at the beginning of 2021 to end the year at $155.15

Last week, the Jamaican dollar depreciated 0.55 per cent,0 with the US dollar moving from a selling rate of $155.85 on January 14, 2022 to $156.71 on January 21, 2022.

Low inflows and high demand for the US dollar were the main contributors for the depreciation.

For the upcoming quarter, the US-dollar money market will remain stable, despite movement in market activity affecting liquidity.

Broker market demand for green back remains at 30 days and longer for tenured funds, with some brokers offering as high as 4.50 per cent to clients.

— Durrant Pate

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