Opposition wants more regulations to ensure transparency in FX market

by November 18th, 2019

Opposition Spokesman on Finance Mark Golding has suggested that more regulations are needed to ensure that foreign exchange is dealt with in a transparent manner, by banks and cambios.

 

This in the wake of concern about the continued slide in the Jamaican dollar against its US counterpart.

 

Golding noted that greater sobriety is needed in discussions about the Jamaican dollar and its increasing volatility.

 

He pointed out that manufacturers and consumers are worried about the apparent free-for-all in the foreign exchange market and the government’s refusal to act with foresight.

 

The spokesman said the hands-off approach is bad for business and bad for the average Jamaican.

 

 

He said one of the ways in which this problem can be addressed is the Central Bank being more proactive.

 

 

The other method is putting in place regulations for greater transparency.