JMD: IMF Offers S-T Support

The Bank of Jamaica (BOJ) has stabilised the Jamaican dollar at the current level of JMD86.70/US$, which we believe will be maintained in the near term with the help of multilateral financial support despite diminishing international reserves. As a stand-by arrangement is finalised with the IMF, however, we see potential for the currency to continue its longer-term depreciatory trend towards our new end-year target of JMD90.00/US (from JMD100.00/US$ previously).

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