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Bank of Jamaica (BoJ) Governor, Brian Wynter, is reporting that the country's gross international reserves currently stand at just under US$2 billion. Speaking at the institution’s quarterly briefing, at the BoJ auditorium, downtown Kingston, on November  14, Mr. Wynter  informed that up to November  13,  total reserves stood at US$1.98 billion, representing approximately 14.1 weeks of projected goods and service...

Both Houses of Parliament have now given the nod of approval for prospective developers of approved integrated resorts in Jamaica to apply for licenses to operate casinos within these establishments. This, following the Senate’s passage, on Friday (Nov. 9), of the legislations which will govern the process: the Casino Gaming (Prescribed Games) Regulations, 2012, and the Casino Gaming (Application for...

The Joint Select Committee on Pension Reform has recommended that new civil service employees should begin paying a contribution of five per cent of their earnings towards their pension, as of January 1, 2013. Minister without Portfolio in the Ministry of Finance and Planning, Horace Dalley, opened the debate on the report from the Committee, in the House of Representatives,...

Debate on the proposed reform of the public sector pension scheme is expected to get underway in the House of Representatives on Tuesday, November 6. Finance and Planning Minister, Dr. the Hon. Peter Phillips, says a report has been received from the Parliamentary Committee, chaired by Minister without Portfolio in the Finance and Planning Ministry, Hon. Horace Dalley, which is...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says no consideration is being given by the International Monetary Fund (IMF) to relaxing some of the stringent regulations applicable to the negotiations which the Government is currently pursuing with the agency. "The simple answer is no. The fact of the matter is, the essential purpose of the economic reform programme...

Prime Minister Portia Simpson Miller says the Government’s approach in securing an agreement with the International Monetary Fund (IMF) is very serious and the discussions are advanced and ongoing. Speaking at the first of a series of parish meetings aimed at providing the public with information on key aspects of national development held yesterday (Oct 17) at the Jose Marti...

Minister of Education, Rev. the Hon. Ronald Thwaites, says a solution is in sight for students facing difficulties in financing their tertiary education. He made the announcement while addressing the opening session of the 20th Conference of the Association of Principal and Vice Principals held October 11, 2012, at the Bahia Principe hotel in Runaway Bay, St. Ann.    The development...

The Government of Jamaica has signed a tax treaty agreement with the Macao Special Administrative Region (SAR) of the People's Republic of China (PRC), to exchange information on taxation matters. Finance and Planning Minister, Dr. the Hon. Peter Phillips, told journalists at the signing ceremony on Friday at his National Heroes Circle offices, that the agreement is aimed at strengthening...

Finance and Planning Minister, Dr. the Hon. Peter Phillips, says the visiting Mission team from the International Monetary Fund (IMF), has broadly accepted the Medium Term Economic Programme that was signed off on by the Cabinet, as a viable starting point for negotiations. The IMF team has been in the island since September 24 to conduct negotiations towards a new...

The Government has agreed to the establishment of a pension programme for District Constables as a component of the 2010/2012 Heads of Agreement with the island's police groups. Another notable feature of the agreement is that the police groups will forego wage increase for the period. Speaking at the signing of the agreement at the Finance Ministry's Heroes Circle offices...

The Jamaica Customs Department will be introducing a $2 million limit on cash transactions for the payment of duty as of November 2012. Commissioner of Customs, Major Richard Reese, who made the disclosure while addressing the Jamaica Chamber of Commerce's JCC) annual customs seminar on Thursday (Sept. 27), said all cash payments for duty in excess of this amount will...

The Consumer Affairs Commission (CAC) is embarking on a public education campaign, geared at strengthening consumer protection and awareness in relation to the development of a banking code for Jamaica. Speaking at a JIS 'Think Tank' on September 27, Chairman of the CAC, Lorna Green, said that the campaign is intended to educate consumers about the proposed banking code for...