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Jamaica: Mitchell calls for pegging of J$ to the greenback

Arguing that devaluation is a curse, President of the Private Sector Organisation of Jamaica (PSOJ) Howard Mitchell is calling for the fixing the exchange rate of the Jamaican currency to its US counterpart.

“…So from Montego Bay, I am calling for the Jamaican dollar to be pegged to the US currency. I am calling for it from Montego Bay because Montego Bay has the most experience with dolarisation. We can teach Kingston. I want to abandon this fiction of a managed exchange rate in our open, fragile economy,” Mitchell appealed.

He added: “In any event our middle class economy is already dollarised. Much of our real estate is rented and sold in US denominator terms. Our major trading arrangements are with partners who either are in the United States or accept US dollars. Much of our economy is in fact, foreign owned. And that’s why it is important, ladies and gentlemen. You see these sways in demand because people repatriate profit and repatriate dividends, they repatriate it to all where they don’t live.

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