The Jamaica Deposit Insurance Corporation (JDIC) will be pursuing several internationally compliant reforms during fiscal year 2022/23, which aim to minimise the potential occurrence and impact of financial crises. They include establishing newer protection schemes for deposit and non-deposit taking financial institutions, financial consumer protection, and financial inclusion strategies. Pursuit of these reforms is among several engagements the JDIC has...

Bank of Jamaica (‘the Bank’) is taking a lead role in co-ordinating Jamaica’s migration from the Swift Message Type (MT) standard to the ISO 20022 – ‘Universal Financial Industry Message Scheme’ format by end 2025. Adoption of the ISO 20022 standard should improve payment processing efficiency and promote interoperability among financial institutions, financial market infrastructures and end-users. This initiative is...

Tax Administration Jamaica (TAJ) is advising all property owners that Property Tax payment for the 2022/2023 fiscal year, which remains unchanged, becomes due on April 1, 2022. The TAJ system has been updated to reflect the liabilities for the period and is now available for online payments. Persons will have until April 30, to make their payment without any penalty...

The Statistical Institute of Jamaica (STATIN) is reporting a 6.7 per cent growth out-turn for the October to December 2021 quarter as Jamaica continues to rebound from the impact of the coronavirus (COVID-19) pandemic. It is the sixth consecutive quarter of growth since a 15.6 per cent decline in the June 2020 quarter. The expansion in economic activity for the...

Jamaica is set to benefit from investments of US$30 million from the United States (US). The development follows a meeting between US Vice President, Kamala Harris, and Prime Minister, the Most Hon. Andrew Holness, at the White House on Wednesday (March 30). The investment by the US government includes US$20 million to boost commerce between the two nations, and a...

Owners and operators of gaming machines and prescribed premises have until March 31 to renew their gaming licences to remain compliant with the Betting Gaming and Lotteries Act. Manager, Corporate Affairs and Communications, Betting, Gaming and Lotteries Commission (BGLC), Jeanette Lewis, told JIS News that persons who fail to submit their application for renewal by the deadline, will be operating...

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has been elected by acclamation to Chair the Boards of Governors of the Inter-American Development Bank (IDB) and Inter-American Investment Corporation (IIC) for the period 2022/23. The election was held during the IDB Group’s semi-virtual Boards of Governors Annual Meeting on Monday (March 28). Dr. Clarke’s nomination was...