Finance and the Public Service Minister, Hon. Audley Shaw, has emphasised that interest rates on loans provided by financial institutions to individuals and business entities, particularly in the micro and small sector, should be maintained at low levels. “While I am not thinking of placing limits on interest rates, we need to lower interest rates, particularly favouring the productive, export...

Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, is commending the efforts by the Economic Growth Council (EGC) to achieve economic growth. He said the consistent improvements made in Jamaica’s macroeconomic environment over the period of the Extended Fund Facility with the International Monetary Fund (IMF) and the improvement in the gross domestic product (GDP) have set the...

Financial institutions are being encouraged to implement measures to safeguard their operations against regulatory and reputational risks. Finance and Public Service Minister, Hon. Audley Shaw,  says this is necessary as there has been de-risking of institutions involved in correspondent banking, where threats posed by money laundering and terrorism financing are deemed to be imminent. He  said that proactivity by financial...

Several private-sector leaders have endorsed the Government’s decision to negotiate a standby successor agreement with the International Monetary Fund (IMF). They deem this as ideal, based on several economic gains recorded under the outgoing four-year Extended Fund Facility (EFF), which are yielding significant benefits for the country. Notable among these, Jamaica Chamber of Commerce (JCC) President, Warren McDonald, tells JIS...

Debate began on two Bills in the House of Representatives on November 9, to establish a regulatory framework that will attract and support investment in Jamaica’s horse-racing industry and facilitate the development of Caymanas Track into a modern world-class racing complex. The Bills – Betting, Gaming and Lotteries (Amendment) Act and the Jamaica Racing Commission (Amendment) Act – were piloted...

Jamaica has exceeded all macroeconomic targets for the 14th and final quarterly test under the Extended Fund Facility (EFF) with the International Monetary Fund (IMF). Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, addressing a press briefing at the Sagicor offices in Kingston, yesterday (November 10), said he believes Jamaica will easily pass the test in all the...

The House of Representatives, on Tuesday (November 1), approved the Banking Services (Deposit Taking Institutions) (Agent Banking) Regulations. The regulations will provide a framework that will allow some banking business to be undertaken through agents authorised by a Supervisory Authority. Minister of Finance and the Public Service, Hon. Audley Shaw, piloted the regulations in the House of Representatives on Tuesday...