Calling for a fixed exchange rate
published: Sunday | May 18, 2003
THE EDITOR, Sir:
THE TIME has come for the Government to fix the rate of exchange. I am suggesting a value of US$1= J$45. It is obvious that our Jamaican dollar is spiralling out of control mainly because of speculation. Why else would the amount of currency available on the market drop so dramatically over a short period of time? It is clear that the financial measures being used by the Bank of Jamaica are not working, so let's return to the fixed dollar exchange rate and get the speculators out of business. They do not have the country's interest at heart, instead they are selfishly seeking to enrich themselves.
If something is not done very quickly, the poor people of Jamaica who are in the majority and can least afford the expenses associated with living in Jamaica will be driven to more desperate measures in order to survive. This fixed exchange rate move may be unpopular in the global marketplace where the emphasis is on floating exchange rates, however, this is necessary for the survival of the Jamaican people.
Please Dr. Davies, accept that your other options are not working and give this a try. Beg you Sir, do this fast.
