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WiredJa Online News

JAMAICA | Patriots wants Gov't to address the shortage of US dollars

KINGSTON, Jamaica, October 31, 2019: The People’s National Party’s (PNP) young professionals affiliate, the Patriots - is calling on the Government of Jamaica to take urgent steps to address the critical shortage of US Dollars, which is becoming more and more acute by the day, and presenting difficulties to many sectors of the economy.

According to the Patriots, a number of business owners have reported difficulty sourcing the hard currency to pay for supplies of raw material and finished goods over the last two weeks.

The Patriots’ chairman, Omar Newell, said reports suggested that financial institutions are capping funds available for sale to businesses at between US$10, 000 and US$20, 000 per day.  If these reports are true, he said, they represent a major challenge for businesses to pay suppliers on international markets.

The Patriots noted that the shortage of foreign exchange will result in the continued weakening of the Jamaican dollar, resulting in higher costs for both raw materials and finished goods and increased hardships for the poorest Jamaicans.

The organization is, therefore, calling on the Andrew Holness-led government to take immediate steps to address this critical shortage of foreign exchange in the market, just weeks before the holidays which is bound to affect commercial activities and the availability of goods during the period.

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  • Countries: Jamaica

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