From the Archives | When 'Butch' Stewart pleaded to save the dollar
Published:Tuesday | January 5, 2021 | 12:49 AM
In 1992, hotelier Gordon 'Butch' Stewart was one of the drivers of the initiative to defend the value of the Jamaican dollar.
At the time, the dollar had come under severe pressure from foreign exchange speculators.
Butch would sell his company's foreign currency into the formal banking system at a set rate.
That became known as the 'Save the Dollar' initiative.
Radio Jamaica covered Stewart's defence of the drive.
The Save the Dollar initiative was supported by thousands of Jamaicans who were mobilised by Dr Leachim Semaj on Radio Jamaica's Night Doctor show.
They also agreed to sell their foreign exchange to the banks at a set rate which undercut the power of the speculators.
Follow The Gleaner on Twitter and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.