As We See It



Posted by SR (riley) on Sep 08 2016 at 6:10 PM
As We See It >>

Ever since the International Monetary Fund (IMF) declared, over three years ago, that the Jamaican dollar was overvalued, owners of capital in the country have reaped and continue to reap a multi billion dollar windfall, with the support of the Bank of Jamaica (BOJ), which has been engaged in an expensive exercise in futility by trying to protect the value of our dollar, however, it now seems that the BOJ governor is finally coming to his senses.

The BOJ governor, looking out of his ivory tower recently, has announced that a new strategy will be used to defend the Jamaican dollar, but it will take time, why?  Get on with it governor, when the IMF decides on the true value of the Jamaican dollar, it will say so, your efforts over the years to protect the dollar has proved that you are powerless and have simply been wasting our scarce foreign exchange reserves, say it ain’t so.

By all accounts, the country’s finances are in a delicate state, why are we allowing foreign exchange speculators to drive our currency into the ground?  This free for all must come to an end, with better management of our resources, imagine the stupidity of flooding the market with cheap foreign exchange without any controls, we must have rocks in our heads!  And then we gloat that the private sector is now taking on more loans, why, to purchase and hold foreign exchange, will we ever learn?