Business Briefs
Published:Tuesday | July 24, 2018 | 12:00 AM
Exchange rate shoots above $134
The Jamaican dollar depreciated further on Tuesday, falling to a fresh lows of $134.05.
The local currency had been regaining ground in the past two weeks, following its dismal showing up to mid June. Then the rate fell to $132.98 at June 19, before regaining more than $2 of value.
The fall in the value of the currency sparked concern among businesses and other groups because of the implied cost it would add to doing business in a market where inputs are imported and the distributive trade spends foreign cash on the foreign goods they trade in Jamaica.
The Bank of Jamaica has said the exchange rate is expected to move in either direction under the B-FXITT auction system it now operates.
JMMB to delist in Barbados
JMMB Group Limited plans to delist its shares from the Barbados Stock Exchange.
The Jamaican financial conglomerate will seek approval from shareholders for the delisting in a special resolution at its September 19 annual general meeting in Kingston.
It reasons for delisting include low levels of trading in the JMMBGL shares on the BSE and the cost involved in maintaining the listing given the low levels of trading. Other companies that have previously
The stock will remain listed in Jamaica and Trinidad.
One other Jamaican-owned company remains listed in Barbados, Productive Business Solutions, a member of the Musson Group. GraceKennedy delisted in Barbados in 2010, citing reasons similar to JMMB's.