Forex rate hike hurts pockets
THE EDITOR, Sir:
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.