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Effective Thursday (July 1), the cash reserve requirements of deposit-taking institutions supervised by the Bank of Jamaica(BoJ) will be reduced by two percentage points (2%) to twelve percent (12%). This reduced requirement applies to their Jamaica Dollar liabilities. The cash reserve requirement applicable to foreign currency deposits which was reduced in March 2010 remains at nine per cent (9%). Liquid...

The House of Representatives has approved a Government guarantee of a loan of US$340 million, from the China Export Import Bank to the Road Maintenance Fund (RMF), for the rehabilitation and maintenance of roads under the Jamaica Development Infrastructure Programme (JDIP). Minister of Finance and the Public Service, Hon. Audley Shaw, who piloted the resolution on Tuesday (June 29), noted...

The appreciation of the Jamaican dollar since the beginning of the year, particularly during the past two months, is market-driven, reflecting an environment of increased confidence. This was stated by Governor of the Bank of Jamaica, Bryan Wynter, during an exclusive interview with the Jamaica Information Service ("Issues and Answers", Television Programme). Governor Wynter attributed the fortunes of the domestic...

Tomorrow, June 30 is the final day for property owners to pay their property tax for the 2010 - 2011 fiscal year, before a 10% penalty is applied for late payment. In May, the Tax Administration had announced that persons were being given an additional two months, to June 30, to pay their property tax for the current year, failing...

Having successfully met the targets of the first test of the International Monetary Fund (IMF) Standby Arrangement (SBA), Jamaica can now access 63.7 million Special Drawing Rights (SDR) equivalent to approximately $8 billion or just under US$94 million. On Wednesday (June 23), the Executive Board of the IMF concluded the review of Jamaica's first quarter economic performance under the SBA....

Jamaican banks are being urged to look seriously at productivity within their operations, and to seek help in making improvements. At a Jamaica's Employers' Federation (JEF) Members' Forum Wednesday (June 23), Deputy Chairman of the Jamaica Productivity Centre (JPC), Anthony Hyde, said he was concerned that banks are not approaching the JPC to work at improving productivity. "It's interesting that...

The Assets Recovery Agency (ARA), through intensive investigations, have, pursuant to the Proceeds of Crime Act (POCA) 2007 reasonable cause to believe that properties held by, or on behalf of Mr. Christopher Coke is recoverable property. As a result, the ARA has served Restraint Orders on the relevant parties with a view to protect the said properties from dissipation until...

Director General in the Ministry of Finance and the Public Service, Devon Rowe, has underscored the importance of internal auditors in ensuring good governance through transparency, accountability, and fiscal discipline. "No fiscal discipline programme can be successful without a sound monitoring and evaluation component. Good governance through transparency and accountability and improved internal and external controls, serves to reduce the...

Property owners are reminded that they have until June 30 to pay their property tax for the 2010 - 2011 period, to avoid a 10% penalty being applied for late payment. In May, the Tax Administration had announced an extension of the period for persons to pay their property tax for the current year, failing which, a 10% penalty will...

Director General of the Maritime Authority of Jamaica, Rear Admiral Peter Brady, has been elected to chair the June 21 to 25 Standards of Training, Certification and Watchkeeping (STCW) Diplomatic Conference, now underway in Manila, Philippines. This is the first time that Jamaica has been elected to chair such a conference. The focus of the 2010 conference is to consider,...

Minister of Finance and the Public Service, Hon. Audley Shaw, has reiterated his call for lower interest rates to private sector investors, adding that this was the way to a better future for Jamaica. He lauded the Credit Unions for their efforts at assisting small and medium-sized businesses at low interest rates, and for what they were contributing to the...

Three hundred women-owned small and medium sized businesses are to benefit from a project to improve their business skills, and increase their access to finance. The project valued at just under $40 million is being financed by a grant of over US$320,000 (approximately J$28 million) from the Inter-American Development Bank/Multilateral Investment Fund (IDB/MIF), and over US$130,000 (approximately J$11 million) raised...