Bank of Jamaica (BOJ) Governor, Richard Byles, says the economy is projected to contract by 5.1 per cent for the 2020/21 fiscal year, consequent on the impact of the coronavirus (COVID-19) pandemic, but will bounce back in 2021/22 with growth in the range of 2.5 to 5.5 per cent. He was speaking during the BOJ’s digital quarterly press conference on...

The Financial Services Commission (FSC) has embarked on a programme of key regulatory reforms designed to ensure transparency and stability of its regulated industries. These actions are being undertaken in partnership with key industry stakeholder groups as well as the Bank of Jamaica. The FSC which is charged with regulatory oversight of the insurance, securities and private pension industries has...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says grants under the Supporting Employees with the Transfer of Cash (SET Cash) component of the Government’s COVID Allocation of Resources for Employees (CARE) Programme, are expected to be disbursed this week. He advised that applications for some 26,000 persons are being processed, adding that “I am expecting...

International Monetary Fund (IMF) Mission Chief for Jamaica, Dr. Manuela Goretti, says the country is expected to receive the US$520 million that has been approved by the IMF Executive Board for disbursement under the Fund’s Rapid Financing Instrument (RFI), by Tuesday (May 19). The Government, through Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, wrote to...

The Credit Unions of Jamaica handed over a cheque for $500,000.00 to the Jamaica Social Stock Exchange (JSSE) to assist Mona Tech Engineering Services to repair much needed ventilators for the Jamaica Health Sector during this COVID-19 crisis. The contribution was received at a brief ceremony held at the Jamaica Stock Exchange’s (JSE) Head Office at 40 Harbour Street, Kingston,...

The Ministry of Industry, Commerce, Agriculture and Fisheries has been allocated an additional $1 billion in budgetary support, to boost food security and assist small farmers for the 2020/2021 financial year. Speaking at a virtual town hall meeting on May 14, Portfolio Minister, Hon. Audley Shaw, said the allocation has been reflected in the First Supplementary Estimates of Expenditure for...

Bank of Jamaica has reduced the cash reserve requirements of deposit-taking institutions (DTIs) by two percentage points, effective 15 May 2020. The foreign currency cash reserve requirement has been reduced to thirteen per cent (13%) while the domestic currency cash reserve requirement has been reduced to five per cent (5%). These reserve requirements are the amount of money that DTIs...