Richard Blake, president, Cambio Association of Jamaica, and product development manager for FX Trader, GraceKennedy Money Services. - Ricardo Makyn/Staff Photographer

This is the first instalment in a series, Sharing Good News, sponsored by GraceKennedy Money Services.

ASK THE average man in the street to explain the difference between 'base currency' and 'quote currency', or to tell you what a pip is, and he would probably give you a puzzled look and confess he has no clue. But if you asked him if he had heard about online foreign exchange or forex trading, chances are he had.

That is because there has been more than a fair amount of talk about forex trading in the last few years, what with the explosion of investment clubs and the growing popularity of online forex trading. But the closest most Jamaicans will ever come to foreign exchange trading is buying or selling small amounts of currency at any one of a network of cambios that have transformed the local industry.

The cambio industry has grown tremendously since the dark days of the dominant black market when people would waylay relatives and friends at the airport to 'buy dollars'. Back then, supplies were unpredic-table and prices could soar at a moment's notice. Those were the conditions that charac-terised the foreign exchange market before the Govern-ment took steps to regularise it.

According to president of the Cambio Association of Jamaica (CAJ), Richard Blake, what prevailed prior to 1993 and the CAJ was anarchy.

"You had a black market that ruled, and that meant that there was no stability, no assurance that what you were getting was good money. You wondered whether you were at risk. Would these guys come back with a knife to claim back this money from you around the corner? In regulating the system and in providing the necessary framework for people to access money freely, conveniently, in safe and secure environments, the Cambio Association has really done this country a great service," he asserts.

Working in communities

Blake, who is also the product development manager at FX Trader, speaks proudly of the level of service and the ease with which people can get the foreign currency they need. In addition to a network of cambios and the convenience that goes along with it, the CAJ president says the group has been doing work within communities.

"Apart from adding to economic stability through our efficient markets, we seek to give back to the needy, to communities. Last year, for example, during our Cambio Week celebrations, we donated to the St Andrew Parish Church Feeding Programme because we recognised a need," Blake discloses. "Over the years, we have contributed to the work of Father Richard Ho Lung. In fact, we have given Father Ho Lung a special award in recognition for the contribution he's made to this country."

Blake declares that the philanthropic work of the association will continue. But he and the other CAJ members want to be able to do more for those who need charity and in the professional sphere. They are hoping to accomplish those goals, first by growing the organisation. That is part of the reason the association has embarked upon a drive to expand its membership. Blake says there are 64 cambios operating from 143 locations across Jamaica, and the association currently represents 50 per cent of that body.

Here to serve

Notes Blake: "One of our mandates is to grow that number, to give the collective greater lobbying power and ensure we are taken more seriously. We want to be able to represent the majority of cambios. We want them to understand that the association exists not just because it is mandated by the Bank of Jamaica, but that it is there to serve them."

As part of its efforts to woo new members, the association is holding a banquet and awards ceremony tomorrow at the Terra Nova All-Suite Hotel in St Andrew.

"We want to recognise those cambios that have been in the industry for more than 10 years, contributing to its stability and development. There will also be a special award for our founder, Earl Harriott, who had the vision and the foresight to put together this body," states Blake. "We are inviting all our members and non-members because we are not just recognising our members, but all 64 operators in the industry."

How to get in touch ...

For more good news from GraceKennedy Money Services:

✓ Browse The Gleaner's website www.go-jamaica.com.

✓ Tune in to Real Business on Power 106FM every second and fourth Wednesday at 9:35 a.m.

You may also email your questions and comments to editors@gleanerjm.com.