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PM confident Jamaican dollar will revalue against US currency

Prime Minister Andrew Holness
 
Prime Minister Andrew Holness has expressed confidence that the Jamaican dollar will revalue against the US currency.
 
His comment follows weeks of anxiety over the local currency losing value to the US dollar. 
 
Speaking Sunday at the Jamaica Labour Party's Kingston Western constituency conference, Mr. Holness said the currency market will correct itself.
 
He added that the right economic model is in place to facilitate this.
 
"I want you to have faith in the economic policy. The dollar will revalue, it will appreciate. The market forces are active out. It is not a perfect system, there are still things that need to be done to make the market more sophisticated so that it can handle some of the demands that are being made at it. We are doing those things, (it will) take a little time. We will soon have all of them in place," he declared. 
  
Mr. Holness said it was obvious the Bank of Jamaica was "monitoring the situation very carefully, and they are in the best place to determine when and how and how much they intervene." 
 
The Prime Minister urged Jamaicans to focus more on the inflation rate and worry less about the recent slide in the value of the Jamaican dollar. 
 
"We have now shifted the focus and attention and priority to a more important rate, one that matters to you more, and that is the inflation rate. Because if the inflation rate 'run weh', that is when your income values less and you become poorer. So we have been managing the inflation rate and when you see the reports, the reports are consistent - the inflation rate is stable and low. That is the target," he reasoned.   
 
 
 


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