Private sector concerned with decline in value of Jamaican dollar

Meanwhile the Opposition Jamaica Labor Party’s (JLP) spokesman on Finance, Audley Shaw has also expressed alarm at the continuing slide in the value of the Jamaican dollar.

He who said this has wide ranging implications for consumers as well as the economy also pointed to Jamaica’s debt. He said the amount owed by the country to its creditors is set to further balloon.

“It (debt) will also be increasing because half of the stock of debt is denominated in US dollars…so every time there is a valuation, the nominal stock of total debt increases…not necessarily because more money has been borrowed, but because the exchange rate is slipping,” Shaw said. – (CMC)

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