Dollar dilemma – Government of Jamaica seeks to rein in galloping devaluation

Jamaica Gleaner:
A number of important new policy initiatives are currently being vigorously pursued to halt the rapid slide in the value of the Jamaican dollar, Prime Minister Bruce Golding announced yesterday. A nine per cent decline in the value of the local currency since the start of the year has sent jitters through the foreign-exchange market, as speculation increases about the Government’s ability to arrest the slide. It is now costing almost J$90 to purchase US$1.