(CNS) With the country absorbing news that the local currency is now trading at its lowest against the US dollar a warning is being issued for Jamaicans to start bracing for the negative effects in coming weeks.
The Jamaica Gasoline Retailers Association, JGRA, says prices at the pumps will be affected. The American currency ended trading yesterday at $131. 58.
The Jamaican dollar started to slide against the US dollar about a week ago after trading steadily for more than eight months. The Central Bank has advised Jamaicans not to panic over how the dollar is moving in the wake of stable inflation.
And in a statement, Opposition Spokesman on Finance, Mark Golding, said the Government’s silence on the decline in the value of the Jamaican dollar is unacceptable. He said it’s time for the Andrew Holness administration to tell the public the reason for the currency depreciation.
Golding said consumers should expect price increases. He added that many businesses are now worried as they suffer mounting foreign exchange losses, and uncertainty as to how to respond.