Reducing the Ja-US dollar exchange rate

THE EDITOR, Madam:

The Hon Nigel Clarke has arguably been the Holness administration’s most accomplished, most intellectually astute and most impressive Cabinet minister to date, since he was appointed Minister of Finance and the Public Service. Minister Clarke’s fiscal policies, to date, have been, comprehensive, economically sound and game-changing.

One critical goal, though, that Minister Clarke – in collaboration with Bank of Jamaica Governor Richard Byles – should lead, tackle and seek to positively influence is a gradual reduction of the Ja-US dollar foreign exchange rate.

Yes, the dollar has remained stable under Clarke’s/the Holness administration’s watch; however, the more a reduction of the Ja-US dollar foreign exchange rate is achieved, gradually and sustainably, over time, the better it will be for all Jamaican consumers.

Consumers paying less for goods, from both a wholesale and retail standpoint, is always a win-win for the Government of Jamaica and the citizens.

If Minister Clarke and Governor Byles can lead a bold, audacious and groundbreaking initiative to significantly and sustainably reduce the Ja-US dollar rate - in the first phase, to J$120 or J$130 to US$1 both their legacies will stand on firm footing.

PATRICK GALLIMORE