The Bank of Jamaica (BOJ) has announced a reduction in its policy interest rate to 6.25 per cent, effective November 22, 2024. This decision was made during the Monetary Policy Committee (MPC) meetings, held on November 19 and 20, reflecting the current economic environment and a positive outlook for inflation. The policy interest rate determines the levels of the rest...

Local spice farmers are to benefit from increased access to financing to expand their operations and boost productivity. The support is being provided under the United States Department of Agriculture (USDA), Food for Progress Jamaica Spices (JaSPICE) Project, which targets the revitalisation of the turmeric, ginger, and pimento value chains. The Local Umbrella Agreement for Tripartite Value Chain Financing, which...

Persons entering Jamaica with money exceeding US$10,000 are being reminded that they must declare the funds. Brand Communication Specialist at the Financial Investigation Division (FID), Garth Williams, told JIS News that failure to declare the money could mean that the person will have a case to answer in the courts. “When you’re entering Jamaica, and you have money in excess...

The Government is committed to building a civil service with a strong reputation for excellence, says Minister of Finance and the Public Service, Hon. Fayval Williams. Speaking during the Jamaica Civil Service Long Service Awards Ceremony at King’s House on Wednesday (November 20), Mrs. Williams said the aim is to achieve “world class service delivery.” “We must constantly strive to...

Prime Minister, Dr. the Most Hon. Andrew Holness, has outlined a comprehensive strategy aimed at transitioning Jamaica towards robust and inclusive economic growth. This announcement was made in a landmark address titled: ‘The Next Chapter: Pivot to Inclusive Growth’, which was delivered at the Office of the Prime Minister on Tuesday (November 19) before an audience of key business and...

Prime Minister, Dr. the Most Hon. Andrew Holness, has hailed Jamaica’s civil servants for their tireless service and commitment to nation building. He noted that the civil service represents over 118,000 dedicated individuals who play a pivotal role in national development. “Their contribution to the efficiency and modernisation of Government services is commendable,” Dr. Holness said, in a message read...

The overall performance of the economy is projected to stabilise during the January-March 2025 quarter, with a flat performance projected, says Director General of the Planning Institute of Jamaica, Dr. Wayne Henry. He was addressing the PIOJ’s recent briefing for the July to September 2024 quarter. Economic activity contracted by an estimated 2.8 per cent during the review quarter during...