New money, same old story
Photo by Dejagib
A new 5000 dollar Jamaican bank note, is not much to celebrate.
It is, in economic terms, a sign that inflation is happening. That the money in your hand (or till) is worth less.
You can hardly buy much with your one Jamaican dollar any more, so you need a higher denomination note to buy things.
It is a sign of the times, showing how Jamaica’s economy is suffering, devalued you could say. Rather than accept this fate, you would think that the Finance Minister would at least try to put a positive spin on things, to give the markets some sense of confidence, or shred of hope to hang onto. He actually is quoted as saying,
“The dollar is losing its value because we are losing our competitive advantage … because we as Jamaicans are becoming less and less productive as the years go by!”
Not the most constructive of comments. The note will be released in September.
Well said!!Inflationary times are ahead!! Nuff respect!!
I agree with you that the production of a bill of higher denomination is nothing to celebrate…at the same time though, I don’t see why you have a problem that the Finance Minister said that…isn’t he just stating the situation as it is? I would like to see them, at the same time encourage , suggest and put into place measures to reverse the bad state of the economy, but I don’t see it as a problem that he is explaining to the public why it is that what is happening is happening
hi KeVaugn – I guess it’s an issue for me because economics is all about confidence and expectations and that talking up the markets is so crucial. Also if you’re going to state the case as it is, very good – do that – but blaming the Jamaican people for not being productive is neither fair or justified – it’s the leaders who have failed to manage the economy rather than the general public not working for a living. you get me?
yeah I get what you’re saying now
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i love u all jamaican peoples
from Ethiopia…..
i love Bob Marley The king of all…..
good things in the world