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Country Report Jamaica Product Image

Country Report Jamaica

  • Published: September 2014
  • Region: Jamaica
  • 24 Pages
  • The Economist Intelligence Unit

Currency depreciation has slowed markedly during the current quarter, and the exchange rate has remained virtually unchanged since the end of August, as a narrowing of the current-account deficit has led to a reduction in demand for US dollars.

There have been significant improvements in conditions in the foreign-exchange market, as the Jamaican dollar depreciated by 0.6% against the US dollar in July; appreciated by 0.1% in August; and remained unchanged during the first nine days of September. This represented 0.47% depreciation during the current quarter, following a 2.4% weakening against the US in the April-June period and 3% depreciation in the first quarter of 2014.

The Bank of Jamaica (BoJ, the central bank) has attributed the slower pace of depreciation to a trending decline in the net demand for foreign currency to facilitate balance-of-payments current-account transactions. For the fiscal year to August (April-August 2014), the central bank estimated that net demand declined by US$33.1m relative to the comparative period of the previous fiscal year.

Country Report Jamaica

Currency depreciation slows as external balance improves
Impact on the forecast

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