The emergence of the Coronavirus (COVID-19) from China in 2019 has become a global threat in 2020. This has led to the World Health Organization (WHO) declaring the virus a pandemic. The infectious virus has debilitating effects not only on a country’s most valuable resource – its human resource but also on the economies of … Continued
The name Scotia has been synonymous with banking in Jamaica for over a century. The Scotia Group Jamaica Group Ltd. (SGJ) is one of Jamaica’s largest financial services group, with total assets valued at J$549B as at October 31, 2019.
This week in the forex market the JMD strengthen against the USD, GBP and Euro, but declined against the CAD.This week the JMD saw strong movements against the GBP and Euro as the JMD surged by $7.67 and $6.16, respectively.
Following the Bank of Jamaica’s (BOJ) intervention, the Forex market saw a bit of relief this week. The Central Bank injected US$90M into the market to alleviate the USD demand. The JMD closed at US$1: JA$141.21 this week, a $0.40 improvement week over week; the JMD also strengthened against the CA$ and British Pound.
In the forex market, the JMD straighten for a second consecutive week. The JMD strengthen by as much $3.14 this week. In comparison to the benchmark USD, the JMD appreciated by $0.76 to close at $135.44.
Despite intervention in the forex market by the Bank of Jamaica (BOJ), the USD continues to slide, worrying stakeholders island wide. The USD now trades at US$1:J$135.86, a $1.28 decline over the previous week. This week the JMD has declined against all the major traded currencies.