Political Mismanagement kills J$

Poor Jamaican dollar. killed by political mismanagement

Poor Jamaican dollar. killed by political mismanagement

The Jamaican dollar reached an unfortunate mile stone at the end of trading on Wednesday, when it crossed over the $117 mark to one US dollar, after decades of political experimenting and mismanagement that led to long periods of overvaluation for the currency.
Unfortunately, if this was the end of devaluation for the local currency, it may be considered not too bad but things look as if there is more decline coming with the country’s central bank is ensuring that the target they secretly hold is met, with a hike in the compulsory take from authorized dealers moving up sharply last year to 25 percent of each day’s inflows. Interestingly, while the currency has slipped since the last quarter of 2014, inflation at the same time has been virtually zero, thus giving the currency a real increase in competiveness.
Trading in foreign currencies in Jamaican closed with dealers buying the equivalent of US$38,333,260 in contrast to US$34,883,289 on Tuesday, while they sold the equivalent of US$37,824,842 versus US$38,197,799 previously and pushed the average selling rate for the US dollar over J$117 for the first time.
In US dollar trading, dealers bought US$36,094,493 compared to US$27,766,608 on Tuesday. The buying rate for the US dollar rose 6 cents to $116.41 and US$36,465,228 was sold versus US$35,932,831 on Tuesday, the selling rate rose 3 cents to $117.01. The Canadian dollar buying rate declined $1.07 FX Sum 1-7-15.docxto $91.49 with dealers buying C$1,004,694 and selling C$649,575, at an average rate that rose 20 cents to $94.04. The rate for buying the British Pound fell $1.93 to $180.32 for the purchase of £877,924, while £437,821 was sold, at an average rate that rose 1 cent to $183.79. At the end of trading, it took J$130.34 to purchase the Euro, 11 cents less than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.69 for 3 cents less than Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$89,263, while the equivalent of US$149,848 was sold.
Highs & Lows| The highest buying rate for the US dollar rose 15 cents to $117.25, the lowest buying rate jumped $4.82 to $95.82, the highest selling rates was unchanged at $122.78, while the lowest selling rate jumped $19.34 to $114.95. FX HL 1-7-15The highest buying rate for the Canadian dollar dropped $2.88 to $94, the lowest buying rate lost 33 cents at $74.70. The highest selling rate inched up 27 cents to $97 and the lowest selling rate lost 50 cents to $89.50. The highest buying rate for the British Pound, and the lowest buying rate remained at $183.90 and $147.82,respectively, with the highest selling rate rising $3.61 to $190.99 and the lowest selling rate was up $1.30 to $178.

J$ just 2 cents from $117 to US$1

BankofJamaicaBOJ Tuesday’s trading in foreign currencies in Jamaican closed with dealers buying the equivalent of US$34,883,289 in contrast to US$44,006,677 on Monday, while they sold the equivalent of US$38,197,799 versus US$45,314,596 previously.
In US dollar trading, dealers bought US$27,766,608 compared to US$40,659,188 on Monday. The buying rate for the US dollar rose 6 cents to $116.35 and US$35,932,831 was sold versus US$42,723,695 on Monday, the selling rate fell 1 cent to $116.98. The Canadian dollar buying rate rose 58 cents to $92.56 with dealers buying C$1,573,168 and selling C$889,991, at an average rate that declined 46 cents to $93.84. FX sum 30-6-15The rate for buying the British Pound increased $1.99 cents to $182.25 for the purchase of £3,643,918, while £869,965 was sold, at an average rate that fell 10 cents to $183.78. At the end of trading, it took J$130.45 to purchase the Euro, 20 cents more than on Monday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.72 for 36 cents less than Monday’s rate. Other currencies bought, amounted to the equivalent of US$157,210, while the equivalent of US$184,358 was sold.
Highs & Lows| The highest buying rate for the US dollar rose 3 cents to $117.10, the lowest buying rate dropped $4.61 to $91, the highest selling rates put on 26 cents $122.78, while the lowest selling rate remained at $95.61. FX hl 30-6-15The highest buying rate for the Canadian dollar jumped $2.58 to $96.88, the lowest buying rate gained 4 cents at $75.03. The highest selling rate dipped $1.37 to $96.73 and the lowest selling rate lost 35 cent to $90. The highest buying rate for the British Pound, fell 45 cents to $183.90, the lowest buying rate remained at $147.82, with the highest selling rate diving $3.19 to $187.38 and the lowest selling rate fell $1.40 to $176.70.

J$ 1 cent from $117 to US$1 Monday

J$1000front Monday’s trading in foreign currencies in Jamaican came down from the lofty heights of Friday’s trading as foreign exchange dealers bought the equivalent of US$44,006,677, in contrast to US$109,789,460 on Friday, while they sold the equivalent of US$45,314,596 versus US$86,467,457 previously.
In US dollar trading, dealers bought US$40,659,188 compared to US$104,883,104 on Friday. The buying rate for the US dollar declined 43 cents to $116.29 and US$42,723,695 was sold versus US$83,731,477 on Friday, the selling rate rose 7 cents to $116.99. The Canadian dollar buying rate fell $1.38 to $91.98 with dealers buying C$1,474,785 and selling C$633,071, at an average rate that declined 14 cents to $94.30. FX sum 29-6-15The rate for buying the British Pound lost $1.58 cents to $180.26 for the purchase of £1,100,105, while £825,122 was sold, at an average rate that climbed 17 cents to $183.88. At the end of trading, it took J$130.26 to purchase the Euro, 57 cents less than on Friday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.08 for 4 cents less than Friday’s rate. Other currencies bought, amounted to the equivalent of US$475,673, while the equivalent of US$783,772 was sold.
Highs & Lows| The highest buying rate for the US dollar dipped 3 cents to $117.07, the lowest buying rate and the highest selling rates remained at $$95.61 and $122.52, respectively while the lowest selling rate dropped $17.69 to $95.61. The highest buying rate for the Canadian dollar moved down 30 cents to $94.30, the lowest buying rate gained 4 cents at $74.99. FX hl 29-6-15The highest selling rate rose $1.55 to $98.10 and the lowest selling rate lost $1.45 to $90.35. The highest buying rate for the British Pound, fell 65 cents to $184.35, the lowest buying rate put on 8 cents to $147.82, with the highest selling rate rising $2.57 to $190.57 and the lowest selling rate climbed $1.60 to $178.10.

Huge forex trading in Jamaica Friday

NCB buys US$32.9m on Friday

NCB buys US$32.9m on Friday

Friday was a huge day for trading in foreign currencies in Jamaican as foreign exchange dealers bought the equivalent of US$109,789,460 or US$23,322,004 more than the amount sold, in contrast to only US$29,947,285 on Thursday, while they sold the equivalent of US$86,467,457 versus just US$27,593,054 previously.
Scotia Bank bought US$18.7 million and sold US$16.8 million while National Commercial Bank bought US$32.85 and sold only US$21.5 million, the next largest trade was Sagicor Bank with US$10.9 million bought to US$8.6 million sold.
In US dollar trading, dealers bought US$104,883,104 compared to US$27,666,499 on Thursday. The buying rate for the US dollar increased 50 cents to $116.72 and US$83,731,477 was sold versus US$26,103,111 on Thursday, the selling rate rose 3 cents to $116.92. The Canadian dollar buying rate rose $1.05 to $93.36 with dealers buying C$2,034,353 and selling C$1,742,563, at an average rate that rose 2 cents to $94.44. FX sum 26-6-15rThe rate for buying the British Pound gained 48 cents to $181.84 for the purchase of £1,661,063, while £785,759 was sold, at an average rate that climbed 34 cents to $183.71. At the end of trading, it took J$130.83 to purchase the Euro, 20 cents more than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.13 for 21cents more than Thursday’s rate. Other currencies bought, amounted to the equivalent of US$691,331, while the equivalent of US$93,900 was sold.
Highs & Lows| The highest buying rate for the US dollar dipped 12 cents to $117.10, the lowest buying rate jumped $4.91 to $95.61. The highest selling rate remained at $122.52 and the lowest selling rate jumped $17.69 to $113.30.FX hl 26-6-15rv The highest buying rate for the Canadian dollar moved down $1.40 to $94.60, the lowest buying rate remained at $74.95. The highest selling rate declined $1.45 to $96.55 and the lowest selling rate rose $1.50 to $91.80. The highest buying rate for the British Pound, rose 85 cents to $185, the lowest buying rate remained at $147.74, with the highest selling rate rising $1.08 to $188 and the lowest selling rate climbed $1.70 to $179.70.

J$ edges closer to $117 to the US

J$5000 The Jamaican dollar lost ground on Wednesday against the US dollar as it edges close to J$117 and the Pound but gained on the Canadian dollar.The Jamaican dollar which started the year at $114.66 to the US dollar has so far lost nearly 2 percent, with inflation at roughly zero, the currency has gained a bit in competitiveness this year as well as since October last year with negative inflation between then and December.
Dealers bought the equivalent of US$30,175,916 compared with US$33,052,701 on Tuesday, while they sold the equivalent of US$36,534,605 versus US$35,474,277 previously.
In US dollar trading, dealers bought US$26,945,527 compared to US$29,480,545 on Tuesday. The buying rate for the US dollar increased 3 cents to $116.11 and US$33,784,230 was sold versus US$32,534,666 on Tuesday, the selling rate rose 10 cents to $116.80. The Canadian dollar buying rate fell 3 cents to $92.67 with dealers buying C$1,157,439 and selling C$845,699, at an average rate that fell 5 cents to $94.70. FX sum 24-6-15The rate for buying the British Pound lost 97 cents to $180.87 for the purchase of £1,179,293, while £657,132 was sold, at an average rate that rose 3 cents to $183.83. At the end of trading, it took J$130.51 to purchase the Euro, $2.43 less than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.87 for $2.30 less than Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$469,585, while the equivalent of US$1,030,411 was sold.
Highs & Lows| The highest buying rate for the US dollar fell 5 cents to $117.10, the lowest buying and the highest selling rates remained at $95.61 and $122.52 respectively, but the lowest selling rate dropped $18.39 to $95.61. FX hl 24-6-15The highest buying rate for the Canadian dollar declined 90 cents to $94.60, the lowest buying rate ended 58 cents lower at $74.95. The highest selling rate was down 60 cents to $97.40 and the lowest selling rate climbed $1.20 to $91.80. The highest buying rate for the British Pound, remained at $184, the lowest buying rate fell 83 cents to $147.74, with the highest selling rate rising $2.81 to $190.46 and the lowest selling rate climbed $1 to $180.

Ja$ loses value vs US on Tuesday

USdollarStacks600x250 The Jamaican dollar lost ground on Tuesday against the US dollar but gained on the Canadian dollar and the Pound. Dealers bought the equivalent of US$33,052,701 compared with US$38,566,283 on Monday, while they sold the equivalent of US$35,474,277 versus US$33,558,404 previously.
In US dollar trading, dealers bought US$29,480,545 compared to US$35,549,329 on Monday. The buying rate for the US dollar increased 12 cents at $116.08 and US$32,534,666 was sold versus US$31,984,474 on Monday, the selling rate rose 5 cents to $116.70. The Canadian dollar buying rate rose 32 cents to $92.70 with dealers buying C$1,040,772 and selling C$781,080, at an average rate that fell 33 cents to $94.75.FX sum 23-6-15 The rate for buying the British Pound gained 69 cents to $181.84 for the purchase of £1,661,629, while £960,999 was sold, at an average rate that dropped 77 cents to $183.80. At the end of trading, it took J$132.94 to purchase the Euro, 78 cents more than on Monday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.18 for 65 cents more than Monday’s rate. Other currencies bought, amounted to the equivalent of US$138,081, while the equivalent of US$791,938 was sold.
Highs & Lows| The highest buying rate for the US dollar dropped $3.36 to $117.15 the lowest buying and the highest selling rates remained at $95.61 and $122.52 respectively but the lowest selling rate leapt $18.64 to $114. FX HL 23-6-15The highest buying rate for the Canadian dollar rose 30 cents to $95.50, the lowest buying rate ended 12 cents lower at $75.53. The highest selling rate was down 17 cents to $98 and the lowest selling rate fell 55 cents to $90.60. The highest buying rate for the British Pound, dipped 60 cents to $184, the lowest buying rate gained 33 cents to $148.57, with the highest selling rate falling $3.45 to $187.65 and the lowest selling rate climbed 40 cents to $179.

J$ gains value on Monday

FX_USPound The Jamaican dollar gained ground on Monday against the US and Canadian dollars and the Pound as dealers bought the equivalent of US$38,566,283 compared with US$31,243,493 on Friday, while they sold the equivalent of US$33,558,404 versus US$30,952,352 previously.
In US dollar trading, dealers bought US$35,549,329 compared to US$27,235,624 on Friday. The buying rate for the US dollar declined 11 cents at $115.96 and US$31,984,474 was sold versus US$28,289,318 on Friday, the selling rate fell 1 cent to $116.65. FX sum 22-6-15The Canadian dollar buying rate dropped $1.28 to $92.38 with dealers buying C$942,773 and selling C$649,533, at an average rate that fell 2 cents to $95.08. The rate for buying the British Pound gained 22 cents to $181.15 for the purchase of £1,348,215, while £578,473 was sold, at an average rate that dropped $2.09 to $184.57. At the end of trading, it took J$132.16 to purchase the Euro, 74 cents less than on Friday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.53 for 62 cents less than Friday’s rate. Other currencies bought, amounted to the equivalent of US$159,912, while the equivalent of US$129,218 was sold.
Highs & Lows| The highest buying rate for the US dollar climbed $2.31 to $120.51 the lowest buying rate rose $2.61 to $95.61, the highest selling rate remained at $122.52 and lowest selling rate lost 25 cents $95.36. The highest buying rate for the Canadian dollar declined 30 cents to $95.20, FX hl 22-6-15rv the lowest buying rate ended 53 cents higher at $75.65. The highest selling rate was up 27 cents to $98.17 and the lowest selling rate fell 60 cents to $91.15. The highest buying rate for the British Pound, dipped 47 cents to $184.60, the lowest buying rate dropped 83 cents to $148.24, with the highest selling rate falling $1.07 to $191.10 and the lowest selling rate eased $1 to $178.60.

J$ mostly down in value on Friday

FXTrading280x150 The Jamaican dollar suffered losses on Friday against the US dollar and the Pound, the euro and gained on the Canadian dollar. Dealers bought the equivalent of US$31,243,493 compared with US$24,746,899 on Thursday, while they sold the equivalent of US$30,952,352 versus US$27,237,059 previously.
In US dollar trading, dealers bought US$27,235,624 compared to US$19,916,588 on Thursday. The buying rate for the US dollar rose 20 cents at $116.07 and US$28,289,318 was sold versus US$22,177,217 on Thursday, the selling rate rose 11 cents to $116.66. FX sum 19-6-15The Canadian dollar buying rate dropped $1.19 to $93.65 with dealers buying C$1,262,421 and selling C$1,264,620, at an average rate that fell 84 cents to $95.10. The rate for buying the British Pound declined 85 cents to $180.93 for the purchase of £1,851,088, while £953,554 was sold, at an average rate that rose $2.94 to $186.66. At the end of trading, it took J$132.90 to purchase the Euro, $2.04 more than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.14 for $2.11 more than Thursday’s rate. Other currencies bought, amounted to the equivalent of US$103,899, while the equivalent of US$106,323 was sold.
Highs & Lows| The highest buying rate for the US dollar climbed $1.35 to $118.20, the lowest buying rate dropped $2.36 to $93, the highest selling rate rose 33 cents to $122.52 and lowest selling rate added 25 cents $95.61. FX HL 19-6-15The highest buying rate for the Canadian dollar declined 45 cents to $95.50, the lowest buying rate ended 17 cents higher at $75.12. The highest selling rate was up 2 cents to $97.90 and the lowest selling rate climbed $1.25 to $91.75. The highest buying rate for the British Pound, dipped 8 cents to $185.07, the lowest buying rate jumped $2.82 to $149.07, with the highest selling rate climbing $3 to $192.17 and the lowest selling rate jumping $3.60 to $179.60.

FED comments shake up rates for J$

J$1000front The Jamaican dollar suffered losses on Thursday as the world major currencies gained sharply on the US dollar resulting in a decline in the value of the local currency against the Pound, the euro and the Canadian dollar, it also slipped against the US dollar as inflows declined during the period for low foreign exchange.
Dealers bought the equivalent of US$24,746,899 compared with US$26,333,879, on Wednesday while they sold the equivalent of US$27,237,059 versus US$29,923,738 previously.
In US dollar trading, dealers bought US$19,916,588 compared to US$21,903,791 on Wednesday. The buying rate for the US dollar rose 16 cents at $115.87 and US$22,177,217 was sold versus US$27,504,837 on Wednesday, the selling rate rose 7 cents to $116.55. FX sum 18-6-15The Canadian dollar buying rate jumped $1.36 to $94.84 with dealers buying C$3,575,485 and selling C$14,665,541, at an average rate that climbed $1.70 to $95.94. The rate for buying the British Pound increased $2.28 to $181.78 for the purchase of £1,119,476, while £717,241 was sold, at an average rate that rose $1.59 to $183.72. At the end of trading, it took J$130.84 to purchase the Euro, 4 cents more than on Wednesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.03 for 11 cents less than Wednesday’s rate. Other currencies bought, amounted to the equivalent of US$147,539, while the equivalent of US$88,643 was sold.
Highs & Lows| The highest buying rate for the US dollar inched up 5 cents to $116.85, the lowest buying, the highest and lowest selling rates remained at $95.36, $122.19 and $95.36 respectively. FX HL 18-6-15The highest buying rate for the Canadian dollar climbed $1.20 to $95.95, the lowest buying rate and the lowest selling rates ended unchanged at $74.95 and $90.50 respectively, the highest selling rate was up $1.15 to $97.88. The highest buying rate for the British Pound, climbed $1.90 to $185.15, the lowest buying rate was unchanged at $146.25, with the highest selling rate climbing $2.46 to $189.17 and the lowest selling rate jumping $23.97 to $176.

J$ slips against US & Pound

GhanaMoney280x150 Sale of all currencies by dealers on Wednesday was greater than the amount purchased by US$3.6 million, slightly more than on Tuesday and the Jamaican dollar lost value versus the US dollar and the Pound Sterling. Dealers bought the equivalent of US$26,333,879 compared with US$27,433,039, on Tuesday while they sold the equivalent of US$29,923,738 versus US$30,897,534 previously.
In US dollar trading, dealers bought US$21,903,791 compared to US$24,476,001 on Tuesday. The buying rate for the US dollar lost 9 cents at $115.71 and US$27,504,837 was sold versus US$28,846,312 on Tuesday, the selling rate rose 5 cents to $116.48. The Canadian dollar buying rate jumped 44 cents to $93.48 with dealers buying C$1,728,724 and selling C$1,585,578, at an average rate that declined 2 cents to $94.24.FX sum 17-6-15 The rate for buying the British Pound increased $1.29 to $179.50 for the purchase of £1,883,804, while £664,759 was sold, at an average rate that rose $1.76 to $182.13. At the end of trading, it took J$130.80 to purchase the Euro, 15 cents less than on Tuesday , according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.14 for 20 cents less than Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$111,174, while the equivalent of US$96,581 was sold.
Highs & Lows| The highest buying rate for the US dollar fell 2 cents to $116.80, the lowest buying and the highest selling rates remained at $95.36 and $122.19 respectively and the lowest selling rate gained 36 cents to $95.36. FX HL 17-6-15The highest buying rate for the Canadian dollar fell 82 cents to $94.75, the lowest buying rate inched down 8 cents to $74.95, the highest selling rate declined $2.27 to $96.73 and lowest selling rate gained 10 cents to $90.50. The highest buying rate for the British Pound, climbed $1.35 to $183.25, the lowest buying rate put on $1.21 at $146.25, with the highest selling rate climbing $1.75 to $186.71 and the lowest selling rate dived $22.72 to $152.03.