KINGSTON, Jamaica — The United States (US) dollar on Monday, March 2, ended trading at $157.12, down 14 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $114.62, down from $118.25, while the British pound ended the session at $211.08, down from its previous close of $213.33.
The Jamaican dollar strengthened against all three major currencies, with an especially sharp gain against the Canadian dollar.
What it means for property buyers and the diaspora
A firmer local currency across the board lowers the Jamaican-dollar cost of imported construction inputs and eases pressure on anyone servicing foreign-currency loans. Diaspora buyers in Canada felt the move most, as their transfers for deposits and professional fees converted into considerably fewer Jamaican dollars. Anyone planning a large transfer for a deposit or closing costs may find it useful to spread payments over several weeks to smooth out day-to-day swings.
Jamaica Homes News publishes regular foreign exchange updates to help buyers, sellers and overseas investors follow the rates that shape the cost of property and construction in Jamaica.
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