An exchange rate racing away at who's expense

ColideZ Sweet Music Jamaica Tech Life

Just a quick note on the alarming rate of the devaluation of the Jamaican dollar.

As of the end of December 30, 2011 the US$1 was worth JM$86.75.
As of the end of trading October 24, 2013 the US$1 was worth JM$104.99.

In the space of 21 months and 24 days the Jamaican dollar has been devalued by JM$18.24 or 21.03%.

Now you are in one of two groups.

You are either poorer as imports to Jamaica are 21% more expensive.
Or
As a holders or earner of US$ currency you are 21% richer. Pretty decent returns for just buying and holding.

The fortune of remittances.

Source: digjamaica.com

What will the next 22 months hold?

Any predictions as to where the exchange rate will be then?

Drop me a note. Now if only everyone would, I will be happy with just a dollar from all my wonderful friends in the US.

ColideZ Sweet Music Jamaica Tech Life

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