KINGSTON, Jamaica — The United States (US) dollar on Tuesday, July 9, ended trading at $157.44, down 24 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $116.85, down from $117.74, while the British pound ended at $199.13, down from its previous close of $200.74.
All three major currencies lost ground against the Jamaican dollar during the session, handing the local unit gains across the board.
What it means for property buyers and the diaspora
For contractors and self-builders, a firmer Jamaican dollar slightly lowers the local cost of imported materials priced in US dollars. For the diaspora, remittances intended for property purchases, renovations or mortgage payments convert into marginally fewer Jamaican dollars, whether they are sent from New York, Toronto or Birmingham, so timing a large transfer can be worth a little attention. Keeping an eye on the trend over a few weeks gives a clearer picture than any single session.
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.
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