KINGSTON, Jamaica — The United States (US) dollar on Friday, June 14, ended trading at $156.48, up 13 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $116.02, up from $114.53, while the British pound ended at $200.75, up from its previous close of $199.23.
All three major currencies gained against the Jamaican dollar during the session, leaving the local unit weaker across the board.
What it means for property buyers and the diaspora
A weaker Jamaican dollar works in favour of diaspora buyers and families sending remittances, since each US dollar, Canadian dollar or pound converts into more Jamaican dollars for deposits, closing costs or construction payments. For local builders, though, imported materials priced in US dollars become slightly more expensive, which can nudge up the cost of a project over time. Those with rental income in Jamaica and expenses overseas will see the opposite effect when converting back.
Jamaica Homes News publishes regular foreign exchange updates to help buyers, sellers and overseas investors keep track of the rates that shape the cost of property and construction in Jamaica.
Follow Jamaica Homes on Youtube @jamaicahomes and Instagram @jamaica_homes and on Facebook @jamaicahomesnews Send us a message or email us at onlinefeedback@jamaica-homes.com or editor@jamaica-homes.com
Visit our YouTube Community ↗