Government pushes for further devaluation to meet IMF target

The Bank of Jamaica Govenor has indicated today, that the GOJ is buying up all the US$ it can in order to meet a crucial IMF target. He further indicated that business are likey to suffer in the meantime from the shortage being created by the policy of the government. A shortage of US$ in the market is likely to push up rates leading to further devaluation of the Jamaican dollar.

As the GOJ pushes to meet IMF  the country is falling to pieces, but still we hear the cheer leaders sing the country is heading in the right direction.

I guess I have no idea what the right direction is as I keep hearing we are going in the right direction, but we only seem to be headed downwards, leading one to think that right in Jamaica means something else in other areas around the world.



One Response

  1. So if the BOJ ah mop up US dollars so the GOJ can meet the IMF targets in order to get the disbursement of IMF funding which will be in US dollars, how dat ah set di stage fi devaluation? or at least a massive one (anybody who really expects a stable Jamaican currency in a country which constantly spends more than it earns is high on coke!)?

    Because as far as I know nobody is putting a gun to any of the BOJ’s clients heads and ah tell dem fi han ova di US dollars and tek some fool-fool Jamaican dollaz instead.

    And if people really need US dollars wouldn’t they be able to request it from their commercial banks who in turn coulda buy it from the BOJ who now has it?

    Thought that situation woulda been better than to have everyone else hiding away US dollaz unda dem mattress and frock and inna dem socks and cap and causing a REAL shortage of US dollaz on the island since peeple would be more interested in hiding it away than using it.

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