The Jamaica dollar depreciated against the American dollar during the month of December 2021.

The Jamaican dollar depreciated by as much as $1.16 in December to close the month at an average of $155.15 relative to the $156.31 recorded in November 2021.

Year over year, the Jamaican dollar has depreciated by approximately $10.74 or 7.44 per cent relative to the $144.41 reported as at December 2020.

Last week the Jamaican dollar depreciated 0.55 per cent week over week with the US$ moving from a selling rate of $155.85 on January 14, 2022, to $156.71 on January 21, 2022. Low inflows and high demand for the US dollar were the main contributors for the depreciation.

For the upcoming quarter, the US dollar money market will remain stable, despite movement in market activity affecting liquidity. Broker market demand for green back remains at 30-days and longer tenured funds with some brokers offering as high as 4.50 per cent to clients.