KINGSTON, Jamaica, Gleaner – Bank of Jamaica governor Brian Wynter said the ongoing negotiations between the government and the International Fund has contributed to speeding up the depreciation of the Jamaican dollar against the United States dollar. At the same time, Wynter said the above average decline in the value of the currency during the October to December 2012 quarter reflected excess demand for foreign exchange. For the quarter, the local currency lost 3.3 per cent of its value compared to a depreciation of 1.4 per cent for the September 2012 quarter, and an average decrease of 2.1 per cent for the corresponding five December quarters.
