Dollar depreciation helping economy to grow - IMF official

Despite continued concerns about the sliding Jamaican dollar, an IMF official is declaring that the depreciation has helped the Jamaican economy to grow.

The Jamaican Dollar has moved from J$120.37 to US$1 in January, to J$128.62 to US$1 on Wednesday.

However, director of the IMF’s western hemisphere department, Alejandro Werner, says the IMF believes the Jamaican dollar is fairly valued.

Speaking on Beyond the Headlines on RJR 94 FM yesterday, Werner noted that all emerging market currencies have suffered depreciation in the last 24 months.

Werner says he believes the Jamaican dollar is at a level where it allows the Jamaican economy to better compete against other countries like Mexico, where the rate of depreciation has been even greater.