A total of $4.6 billion is expected to be raised from the increase in Special Consumption Tax (SCT) on petroleum products, to fund the oil hedge programme this fiscal year. It is intended that $5 out of every litre of oil will go towards funding the programme, which seeks to reduce the country’s exposure to the changes in crude oil...

Financial institutions will have the flexibility to open and close their doors as they see fit, under new banking regulations, which were passed in the House of Representatives on Wednesday, September 2. Changes to banking hours may be permitted under the Banking Services (Hours of Opening) Regulations, 2015, as long as the institutions are open to the public for at...

The Accountant General’s Department (AGD), the central government body responsible for administering salaries and making most payments for Ministries, Departments, and Agencies (MDAs), has been modernizing its system to provide more efficient services. This engagement is being facilitated through a modernization programme, which it has been implementing since 2013, and is intended to revise the Department’s various units and processes,...

The Jamaica Customs Agency (JCA) is being lauded for moving to introduce the Automated System for Customs Data (ASYCUDA) web-based application for its transactions, which is expected to yield significant cost savings and improved service delivery. Under the system, most paper intensive Customs processes will be replaced with online procedures, which will enable the JCA’s clients, including customs brokers and...

Planning Institute of Jamaica (PIOJ) Director General, Colin Bullock, says the short-term prospects for the Jamaican economy are positive. The bright outlook, he says, is based on the strengthening of productive activities in most industries. The projects, which are expected to spur growth of between 1.0 per cent and 2.0 per cent for the July to September quarter, include the continuation...

The Bank of Jamaica (BoJ) is forecasting that the country will record growth of between 1.0 and 2.0 per cent for the 2015/16 fiscal year. Speaking at the Bank’s quarterly media briefing at the BoJ Auditorium, downtown Kingston on Wednesday (August 26), Governor, BOJ, Brian Wynter said while the current growth rate is “slower than we were hoping for,” it...

Bank of Jamaica (BoJ) Governor, Brian Wynter, says the country’s Net International Reserves (NIRs) continue to grow, reaching just over US$2 billion at the end of the April to June quarter. Speaking at the Bank’s quarterly media briefing, at the BoJ auditorium, downtown Kingston, on Wednesday (August 27), Mr. Wynter credited the strong NIR to improvements in net private capital...