Two private sector organisations are warning that the Jamaican economy is nearing crisis level amid concerns of a rapid slide in the local currency.
At the end of trading on Tuesday, the US dollar was being sold at a record J$99.08. At the start of the year, the US dollar was trading just above the J$93 mark.
The Jamaica Manufacturers Association (JMA) said the private sector is increasingly worried about the movement in the exchange rate especially since there is no sign that the slide will soon end. It warned that the price of goods will continue to move up.
JMA president Brian Penngelly said the situation is compounded by the uncertainty surrounding the island’s negotiation with the International Monetary Fund (IMF) on a new Stand By Agreement (CBA).