KINGSTON, Jamaica — The United States (US) dollar on Monday, July 29, ended trading at $157.26, down 16 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $114.56, down from $114.72, while the British pound ended at $200.89, down from its previous close of $202.02.
All three major currencies weakened against the Jamaican dollar on the day, giving the local unit gains across the board.
What it means for property buyers and the diaspora
A stronger Jamaican dollar trims the local-currency cost of imported building materials such as steel, cement additives and fixtures that are priced in US dollars. On the other side of the ledger, diaspora remittances and deposits from the US, Canada and the UK convert into slightly fewer Jamaican dollars, so overseas buyers budgeting a down payment may want to allow a small cushion. Buyers with a closing date approaching may find it useful to track the rate over several sessions rather than a single day.
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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