The Bank of Jamaican has suspended the exchange rate for the country’s foreign exchange, amid an outbreak of the coronavirus in the country.
According to the Bank, the move was taken in response to a sudden increase in the exchange rates of both the foreign exchange and the bank notes, which were currently being used for foreign exchange transactions.
“We have decided to suspend the exchange of foreign exchange at the Bank of the West Indies (BWA),” the bank said in a statement on Monday.
It was unclear if the decision was linked to the outbreak.
The Bank of Jansport has been in crisis since the death of the former governor of the central bank, Martin Latta, in January.
The country’s central bank has been struggling to keep the BWA in line following a sudden drop in the value of the countrys currency in mid-February.
The Bank was already struggling to make payments in US dollars as the Bwa was not recognised by the US dollar.
The central bank is also facing a shortage of cash to meet the demand.
According for the BBA to freeze its currency exchange rate in mid February.
It was not clear if the Bank was acting as a result of the crisis.
Last week, the BSA also announced it would halt the exchange-rate swap between the foreign and local currency for the first time since it was introduced in 2010.
However, the announcement did not go down well with Jamaica’s citizens, who are demanding a swift return to their foreign exchange.
Jamaica’s prime minister, Justin Bilibin, has vowed to get back to the gold standard in the face of a currency crisis.