KINGSTON, Jamaica — The United States (US) dollar on Monday, March 3, ended trading at $157.78, up 45 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $107.21, down from $110.45 at the previous close, and the British pound ended at $200.00, up from $199.56.
The Jamaican dollar weakened against the US dollar and the pound but posted a large gain against the Canadian dollar.
What it means for property buyers and the diaspora
The Canadian dollar’s drop of more than $3 is a setback for Jamaicans in Canada who send money home for mortgages, property taxes or building projects; the same transfer now covers less. By contrast, US-based family members saw their remittances stretch further. For local purchasers, the 45-cent rise in the US rate adds to the cost of materials bought abroad and to any closing costs or developer payments quoted in US dollars.
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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