I grew up in Jamaica and the reason why the exchange rate baffles people is really beyond me. In Jamaica $1 american is equal to $60 Jamaican currency. Holy ****?! People are rich there if they bring American money, right? No.
In poor economies things are actually more expensive. For instance, a loaf of bread might cost $150 Jamaican. One loaf. That's over $2 American...which is more expensive than your local supermarket's value brand.
Houses cost millions of dollars Jamaican, etc. So you really aren't any more wealthy there...get me?
I can't speak for the Philippines or Asian countries, but that's how it is in the Caribbean.
In poor economies things are actually more expensive. For instance, a loaf of bread might cost $150 Jamaican. One loaf. That's over $2 American...which is more expensive than your local supermarket's value brand.
Houses cost millions of dollars Jamaican, etc. So you really aren't any more wealthy there...get me?
I can't speak for the Philippines or Asian countries, but that's how it is in the Caribbean.
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