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Governor of the Bank of Jamaica (BoJ), Derick Latibeaudiere, has said that the Net International Reserves (NIR) remained "relatively strong", despite a drop in the level, due primarily to sales in the foreign exchange market to ease demand pressure and stem depreciation in the value of the dollar. The reserves currently stand at US$1.7 billion and according to Mr. Latibeaudiere...

Minister of Finance and the Public Service, Audley Shaw, has said that a fixed exchange rate policy, in the midst of the current foreign exchange shortage, could cause serious repercussions and, therefore, is not being considered by the Government. Speaking at the 2009 Kingston Money Expo, hosted by Today's Money Limited, at the Hilton Kingston Hotel, New Kingston, on Thursday...

The community of Bucknor in Central Clarendon is to benefit from two major projects valued at $100.5 million, which will entail the rehabilitation of the road and water network in the community and the construction of a multipurpose centre. The projects, which are being funded by the Jamaica Social Investment Fund (JSIF), through its Inner City Basic Services Project (ICBSP),...

Minister of Finance and the Public Service, Audley Shaw, is to meet with representatives of the Jamaica Manufacturers Association (JMA), to discuss their concerns about funding in the context of the current economic crisis. Mr. Shaw also assured them of Government's close cooperation, in overcoming the pressures being created by the economic conditions. "If there is a problem accessing the...

Minister of Finance and the Public Service Minister, Audley Shaw, has denied reports in the Press suggesting that the General Consumption Tax(GCT) will be raised in April. "Nonsense. That is speculation," Mr. Shaw reacted as he addressed the 2009 Kingston Money Expo, hosted by Today's Money Limited, at the Hilton Kingston Hotel, New Kingston, this morning (Feb. 19). He said...

Governor of the Bank of Jamaica (BoJ), Derick Latibeaudiere, has pointed to the need for a collaborative approach, among government and private sector interests, to ensure that Jamaica is well positioned to benefit from the expected upturn in the global economy. Mr. Latibeaudiere was speaking at the quarterly press briefing at the BoJ's auditorium, downtown Kingston on Wednesday (Feb. 18),...

Projected inflation for the fiscal year ending March 31 has been lowered to reflect the results of a tightening of monetary policy, reduction in the price of oil and some agricultural products, among other measures. Governor of the Bank of Jamaica (BoJ), Derick Latibeaudiere, speaking at the quarterly media briefing at the BoJ auditorium in downtown Kingston on Wednesday (Feb....

Cabinet has approved a Government guarantee to secure a $425 million loan facility from the Bank of Nova Scotia, to restructure the current debt obligations of the Jamaica Urban Transit Company Limited (JUTC). In an brief provided by Minister of Information, Culture, Youth and Sports Minister, Olivia Grange, during last week's post-Cabinet media briefing at Jamaica House, it was noted...

Business operators have 4 weeks to file their income tax returns before the March 15 deadline. Self-employed individuals, partners, companies, other bodies and employed persons with other sources of income, are therefore urged to file their Annual Income Tax Return for 2008 and their Declaration of Estimated Income & Tax Payable for 2009 early to avoid the last minute rush....

It has been brought to the attention of the Ministry of Finance and the Public Service that some local investors have not been credited with principal and interest payments on the Government of Jamaica's €200M 10.50% Notes due February 11, 2009. Investors are advised that while the payment in the amount of €221 million was due on February 11, 2009...

Members of the Cabinet will go into a three-day retreat, commencing February 20, to explore and discuss measures to counter the current economic challenges facing the country, among other things. Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Dwight Nelson, made the disclosure at Wednesday's (Feb.11) post-Cabinet press briefing at Jamaica House. The retreat, he...

Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Dwight Nelson, has said that the Government is facing the possibility of a "significant increase" in the 2009/10 public sector wage bill. Addressing journalists at a post-Cabinet press briefing at Jamaica House, on February 11, Senator Nelson informed that the cost of the wage bill up to...