The Bank of Jamaica (BOJ) says it will be holding the policy interest rate on overnight placements from deposit-taking institutions unchanged at 0.50 per cent, effective Wednesday (November 20). In a statement on Tuesday (November 19), the Central Bank said its decision, as was the case in September, is based on its assessment that monetary conditions are “generally appropriate” to...

The Bank of Jamaica (BOJ) on Thursday (November 14) released an additional US$20 million for sale to authorised dealers and large cambios via the BOJ’s Foreign Exchange Intervention and Trading Tool (B-FXITT). The provision represented the third consecutive day that the central bank was intervening in the foreign exchange market. It followed cumulative provisions of US$70 million on Tuesday (November...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has lauded Jamaica’s civil servants for their unwavering commitment to duty, which he says has resulted in the country’s public sector being ranked as the best in the Caribbean. Noting that “we couldn't function without the civil service that we have today”, the Minister said “the record shows...

Former International Monetary Fund (IMF) Mission Chief for Jamaica, Dr. Uma Ramakrishnan, says the institution remains steadfast in its support for the country’s economic reform agenda, following the conclusion of programme arrangements on November 10. “We continue to be open to provide any technical assistance and capacity building that the country may need. We are hands-on in this and I...

The Central Bank, on Wednesday (November 13), intervened in the foreign exchange market for the second consecutive day, by offering an additional US$30 million for sale to authorised dealers and large cambios. The offer, which was provided through the Bank of Jamaica Foreign Exchange Intervention and Trading Tool (B-FXITT), follows Tuesday’s (November 12) intervention of US$40 million. That provision, which...

The Central Bank is expecting normalcy to return to the foreign exchange market consequent on the sale of US$40 million to authorised dealers and cambios, via the Bank of Jamaica FX Intervention Trading Tool (B-FXITT) on Tuesday (November 12), to augment supply. This comes against the background of recent fluctuations in the value of the Jamaica dollar against the US...

Former International Monetary Fund (IMF) Mission Chief for Jamaica, Dr. Uma Ramakrishnan, has credited the success of the Economic Reform Programme (ERP) to the broad-based stakeholder ownership of the reforms and a commitment to “seeing things turn around”. “The ownership that we have seen across [political] administrations… where things went smoothly… and where [there was] the commitment to retaining the...