JMEA Calls on BOJ to take action against the sliding JMD


The Jamaica Manufacturers and Exporters Association (JMEA) is calling on the Bank of Jamaica to take the action required to stem the continuing devaluation of the Jamaican dollar.
The JMEA says it is with deep concern that it notes that the Jamaican dollar has hit an all-time low of $156.70 cents against the US dollar as of Wednesday January 26.
The JMEA says this decline represents a devaluation of 1% for the first 26 days of 2022 and follows a devaluation of 7.4% for 2021, when the Jamaican dollar slipped from $144.41 to $155.15 against the u-s dollar.
It says these devaluations have a direct impact on inflation and make Jamaicans poorer, as they are less able to afford to purchase the necessities of life.