KINGSTON, Jamaica — The United States (US) dollar on Monday, February 17, ended trading at $158.44, up 24 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $111.97, up from $111.86 at the previous close, and the British pound ended at $198.82, down from $200.32.
The Jamaican dollar weakened against the US and Canadian dollars but gained against sterling.
What it means for property buyers and the diaspora
For Jamaicans in the United States, a higher US rate means each dollar sent home for a mortgage payment or a relative’s house project converts into slightly more local currency. The flip side is felt by local builders and hardware stores, whose imported stock of steel, plywood and fixtures becomes a little more expensive. UK-based senders, who saw the pound slip by $1.50, may want to hold off on large transfers for deposits if their timelines allow.
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 ↗