Forex rate hike hurts pock­ets

Jamaica Gleaner - - OPINION & COMMENTARY -


WHEN I was a child, I of­ten thought it was a good thing when the for­eign-ex­change rate went up, since I would get more at Christ­mas time in post­cards. Even now, many Ja­maicans are think­ing the same thing, since when rel­a­tives from abroad send money, they’ll get more.

When the for­eign-ex­change rate goes up, so does our light bill. There is a sec­tion that states Base Ex­change Rate, which refers to the for­eign-ex­change rate that ex­isted at the time the Of­fice of Util­i­ties Reg­u­la­tion ap­proved the com­pany’s rate sched­ule. There­fore, as the for­eign-ex­change rate fluc­tu­ates, so will our light bill.



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