The shortage for foreign exchange in particular US$ in the system has reached crises proportion. It is so bad that normal transaction involving forex, which could have been done online can no longer be accommodated, because there is little or no US$ in the system.
Businesses are now in the process of trying to bring in goods in time for the usually busy Christmas season and with the chronic shortage that currently exist, it does not appear that we will be having any Christmas this year .
I tried to get just US$300 to take care of a overseas bill and had problems getting even that small amount of cash out of the formal banking system, but eventually I did. This crises have open wide the door for a thriving importation of US currency into Jamaica, for resale on the black-market and these funds coming in are definitely not clean.
I am told persons are now being paid to take US$ into Jamaica as these folks try to avoid the formal banking system, given the source of funds. Can you imagine a persons being given plane tickets, go to the USA pickup US$ and then fly back to Jamaica?
In order to ensure that move is not easily detected the “smugglers” are rotated to not create any undue suspicion.
There is no sector in Jamaica since the PNP has taken over that is moving in the right direction and I fear that if this madness continue, there could be totally anarchy in the country in 12 months or less.
Filed under: Corruption, Crime |
Warren's Blog 
I can’t say I am surprise by what is happening. If they (PNP) could not make Jamaica grow and be prosperous in the boom years of the 1990s and early 2000s how are they going to do it when the environment is much more challenging?
The PNP at heart is a socialist organisation trying now to play the capitalist and it is just not working. The party is quite good in the distribution of wealth but is found severely wanting in creating that wealth.
The economy will continue to shrink, the dollar depreciates more and by the end of next year we might have an election because the people will not be able to take it anymore.
Calsonic, you are very brilliant. The pnp national party is still socialist and Portia is the VP for Socialist International, if we want grow we need leaders who understand how to create wealth. People shouldn’t be fooled by the pnp, because no one in that party knows how to create wealth.