Wynter told RJR'sd Beyond the Headlines discussion programme, that since April of this year the exchange rate has depreciated by 5.9 percent compared to four percent during the corresponding period last year.
The Central Bank has been intervening, and at the close of trading yesterday the US dollar was being sold for an average $129.14.
“…when we intervene, we put in US dollars put we are actually taking out Jamaican dollars. One of the consequences of us intervening is that Jamaican dollars get scarcer and that tends to push up interest rates…..I don’t believe that there is need for any dramatic action.”
He also sought to ease concern that the possible rise in interest rates could seriously affect the economy.
“So what we are going to see in this period, is somewhat of a tightening - I believe this period is temporary ….." the Governor said.
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