Governor of the Bank of Jamaica, Brian Wynter says he is of the view that the Jamaican dollar at its current rate of $119.82 is “more or less where it should be”. Speaking this morning at the Quarterly Press Briefing, Wynter said the BOJ is of the view that the dollar is “no longer overvalued and is therefore less susceptible to unpredictable slippage.

Responding to questions from our Businessuite Team, Wynter said while he is unwilling to give a forecast for the value of the dollar come year end, the bank has been carefully preparing for such an event for some time.

The BOJ Governor says while he expects some individuals to be victims of “alarmism and anxiety”, he is of the view that the current value of the dollar allows for increased competitiveness of Jamaican goods and services on the market.

Meanwhile, the BOJ Governor says there is indication of future growth in the Jamaican economy based on the “crowding in effect”.

Wynter says on the fiscal side, the IMF’s decision to reduce the primary surplus targets will further allow the government to enhance the potential for growth and thus enable private sector investors to exploit benefits to them of the crowding in effect.

Wynter says record lows were achieved in the September 2015 quarter.

Governor of the Bank of Jamaica, Brian Wynter

According to the BOJ Governor, the economy is “no longer characterized by high fiscal deficits, high inflation and high interest rates but by a more stable and sustainable macroeconomic environment with much improved fiscal accounts, a more competitive exchange rate, more sustainable current account deficits, lower inflation and lower interest rates”. BM