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Banker baffled by BOJ's uniform contract with international company
2013-10-15 12:30:27 | with audio | (0 Comments)
Debbie-Ann Wright, Editor – Radio
International banker Aubyn Hill is questioning the Bank of Jamaica’s commitment to managing the country’s foreign exchange rate.
He has taken issue with the fact that the Bank of Jamaica (BOJ) currently has in place a contract with an overseas based company to supply uniforms for female staff from 2012-2014.
The $30.2 million contract has been issued to International Uniforms Inc., which is based in Florida.
The company has service centres in Jamaica,The Bahamas, Puerto Rico and Haiti.
However, Hill contends that given the shortage of foreign exchange in the country, the Bank of Jamaica should not be spending public funds with foreign companies where it is not absolutely necessary.
Hill is insisting the Government must take the lead in buying Jamaican instead of using expensive foreign exchange.
He is calling for Prime Minister Portia Simpson Miller to insist that government agencies work with local manufacturers and service providers and only seek foreign goods if it cannot be obtained here.
Meanwhile, Financial Analyst, Ralston Hyman, says though the company has a service centre in Jamaica, its principals and head office are overseas and therefore profits will be repatriated in US dollars.
He is also insisting that there are Jamaican owned companies which could have been given the contract.
And he notes that the issue of government agencies spending foreign exchange on goods which can be procured locally extends to items such as books and furniture.
Attempts to reach the BOJ for further information regarding the contract were unsuccessful.
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Listen to Audio clip
International banker, Aubyn Hill, speaking on Real Business on Power 106 FM this morning.
Source: The Gleaner/Power 106 News
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