After further consideration of the incorporation process of JAMALCO presently ongoing, Prime Minister Andrew Holness has transferred portfolio responsibility for Clarendon Alumina Production Limited (CAP) from the Ministry of Transport and Mining to the Ministry of Finance and the Public Service. The Government of Jamaica holds its 45% interest in the JAMALCO refinery through CAP. JAMALCO is a major industrial...

The Bank of Jamaica (BOJ) says remittance inflows for the first 10 months of 2021 (end of October), totalled approximately US$2.5 billion, as against US$2 billion for the corresponding period last year, to remain strong despite the impact of the coronavirus (COVID-19) pandemic. “We’re not seeing remittances going down; we are still seeing growth," Deputy Governor in charge of Banking,...

The Bank of Jamaica (BOJ) is slated to commence national rollout of the Central Bank Digital Currency (CBDC) platform during the first quarter of 2022. Deputy Governor with responsibility for Banking, Currency Operations, and Financial Markets, Natalie Haynes, says it is anticipated that by then, additional deposit-taking institutions (DTIs) will be onboarded to enable the issuing of wallets to facilitate...

The Bank of Jamaica (BOJ) is reporting that the country’s gross international reserves, as at November 17, totalled approximately US$4.7 billion. Governor, Richard Byles, said the figure represents the equivalent of 143.8 per cent of the level considered adequate. Deputy Governor with responsibility for Banking, Currency Operations, and Financial Markets, Natalie Haynes, indicated that net international reserves (NIR), at the...

The country’s leaders have lauded civil servants for their continued dedicated service to Jamaica, especially during the extraordinary times brought on by the coronavirus (COVID-19) pandemic. Governor-General, His Excellency the Most Hon. Sir Patrick Allen, said that the commitment of each civil servant has not diminished in spite of the overwhelming challenges of the time. “With pride, integrity and patriotism...

The Bank of Jamaica (BOJ) says there is an adequate supply of foreign exchange to meet market demand, as flows continue to be healthy. Governor, Richard Byles, has reported that up to November 17, daily purchases by authorised dealers and Cambios averaged approximately US$36 million, which was higher than the US$31 million recorded for the corresponding period last year. “At...

The Bank of Jamaica (BOJ) Monetary Policy Committee (MPC) has written to the Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, as required by law, explains the factors causing the latest inflation rate out-turn of 8.5 per cent, exceeding the institution’s four to six per cent target range, and measures taken to restore it within the...