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The Bank of Jamaica (BoJ) is reporting that stability has returned to the foreign exchange market, enhanced by a lowering of the demand for net foreign currency to facilitate current account transactions. BoJ Governor, Hon. Derick Latibeaudiere, speaking at the quarterly press briefing at the Bank's downtown Kingston location this morning (Aug. 12), said that the reduction in the demand...

Governor of the Bank of Jamaica (BoJ), Hon. Derick Latibeaudiere, has emphasised that the fundamentals of the economy have not been deteriorating, despite the near-term challenges. In fact, he said, most economic indicators are pointing "in the right direction," to improve the economy, over the medium term. "The exchange rate has remained relatively stable and we expect this stability to...

Inflation for the June quarter was 2.7 per cent, which was 1.3 to 2.8 per cent lower than the Bank of Jamaica's (BoJ) forecast of 4.0 to 5.5 per cent. BoJ Governor, Hon. Derick Latibeaudierre, speaking at the Bank's quarterly press briefing held today (Aug.12) its downtown Kingston location, attributed the 2.7 per cent outturn largely to the stability in...

Agriculture and tourism continue to be the strongest performers in the Jamaican economy, according to the Bank of Jamaica's Quarterly Economic Report for April-June, which was released Wednesday (August 12). The Report said that Agriculture continues to be one of the few sectors to record positive growth, despite the impact of the global economic crisis. Its recovery is expected to...

The Office of the Contractor General (OCG) has reported an unprecedented 100% compliance rate for the second consecutive quarter running, by the Government's procuring bodies submitting Quarterly Contract Award (QCA) Reports. In a release today (August 10), the OCG said that all 196 Public Bodies, whose contract award activities are currently being monitored by the OCG, were declared fully compliant...

Prime Minister, the Hon Bruce Golding has indicated that by next week, Cabinet will have the final proposal from the Ministry of Finance for a stand-by loan facility with the International Monetary Fund (IMF). Speaking yesterday (August 3), at a special press briefing at Jamaica House, Mr. Golding said the Government has been meeting with the Opposition, as well as...

The Caribbean Community (CARICOM) will need the support of International Financial Institutions (IFIs), as it seeks relief for debt-burdened member states, in the face of the global financial crisis. President of the Co-operative Republic of Guyana, His Excellency Bharrat Jagdeo, told journalists at Jamaica House on Monday (August 3), that there is a clear need for urgent financing for many...

The Senate has approved amendments to the Income Tax Act, ratifying the past actions of the tax authorities in charging interest on unpaid taxes under Section 67 (5) of the Act. The amendments also seek to expressly authorise the tax authority to charge interest on unpaid tax deemed to be assessed under Section 67 (5) of the Act, and to...

Prime Minister, the Hon. Bruce Golding, says there is no secrecy surrounding the discussions between the Government and the International Monetary Fund (IMF) on the conditionalities of the US$ 1.2 billion loan facility the Government is seeking. Mr. Golding said that a number of factors will determine the conditionalities Jamaica will face under the agreement. These considerations include the country's...

Prime Minister the Hon. Bruce Golding, says he expects to receive an update on discussions with financial institutions on reconfiguring the national debt, by the end of this week. He said that discussions are being held with the banks, and the financial sector, towards a liability management programme which involves some reconfiguring of the debt. However, he noted that this...

Prime Minister, the Hon. Bruce Golding, has said that talks with the International Monetary Fund (IMF) team that is now in the island have gone well and he is encouraged by the approach that the Fund is taking in ironing out a stand-by loan facility with Jamaica. Mr. Golding, who met yesterday (July 28) with the team, maintains that the...

The Government has brought forward the implementation date for reducing stamp duty and transfer tax to Saturday (August 1), in an effort to stimulate the flagging real estate market. Minister of Finance and the Public Service, Hon. Audley Shaw, told the House of Representatives Tuesday (July 28), that the move is in response to the drastic reduction in real estate...