The Jamaica Customs Agency (JCA) is advising importers that starting Monday, August 24, 2020, that all applications for refunds must be submitted online at: www.jacustoms.gov.jm.  Previously, applicants were required to manually submit a letter to the Collector of Customs, detailing the circumstances for requesting the refund. Importers are also being reminded that all applications must be made within two years...

The maximum payout to depositors, in prescribed circumstances pursuant to Section 18 (1) of the Deposit Insurance Act (DIA) was increased from J$600,000.00 to J$1,200,000.00. The increase which is effected through a Ministerial Order has been approved by both Houses of Parliament. The increase will take effect August 31, 2020, after publication in the Gazette. At this threshold, approximately 97...

Bank of Jamaica announces its decision to hold the policy interest rate (the rate offered to deposit-taking institutions on overnight placements with Bank of Jamaica) unchanged at 0.50 per cent per annum, effective Wednesday, 19 August 2020. Bank of Jamaica’s monetary policy decisions are aimed at ensuring that the annual increase in the prices of consumer goods and services remains...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says that Clarendon Alumina Production Limited (CAP) has reached a commercial agreement with its partner in the unincorporated Jamalco joint venture, the Noble Group. CAP, which is wholly owned by the Government, is a 45 per cent shareholder in the joint venture. Dr. Clarke, during a statement in...

Effective 2:00pm today, Friday August 14, 2020, Bank of Jamaica has temporarily closed its main building at Nethersole Place, Downtown Kingston. The decision to close comes merely out of an abundance of caution, as, while no BOJ staff member has tested positive for COVID-19 at this time, the Bank’s premises may have been compromised by someone who may have been...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has praised the management of COK Sodality Cooperative Credit Union Limited for investing in technology designed to enhance the entity’s operations and client service delivery. COK, which is headquartered in Kingston, has digitised all transactions, installing the new Universa Premier Digital Core Banking Suite, which is a modern...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says stakeholder feedback on the Credit Union Special Provisions Bill will be incorporated in the proposed legislation, which he anticipates will be implemented during the next Parliamentary term. He says the Bill, now being reviewed by stakeholders, aims to bring the credit union movement under the Bank of...