The Jamaican Dollar Slide
Just to let you know that the Jamaican dollar began its slide in the 70’s, this started 10 plus years aftter we gained our so called Independence. The Jamaican dollar was at one time stronger than the US dollar.
When Michael Manley led the PNP into power in 1972 it took $1.20US to buy a Jamaican dollar. It did not take long for bad ideas and management of the PNP government to change that. We then ended up with the IMF and a devalued dollar, this is were the slide started, and has gone from bad to worst.
The JLP won the election in 1980 and the dollar was at a value of $2.60 JA to 1 US and by the time they left power in 1989 the dollar was $5.60 JA to $1 US.
The PNP again led by Mr Manley won the elections, a few years later Mr Manley resigned as leader and then Mr. Patterson came into power. The Jamaican dollar made some large devaluations over night sliding to a record $33 JA to $1US and when the PNP lost to Mr. Golding in 2007 the dollar was at about $70 JA to $1.00US – now we are at $100.00JA to $1.00US why?
Total disregard for we the people of jamaica. The people that have been in power from 1962 until now are to be blamed for the sliding dollar and this is why we are now in this mess.