The House of Representatives on Tuesday (July 13) approved the withdrawal of $255.69 million from the Capital Development Fund (CDF) to provide budgetary support to the Jamaica Bauxite Institute (JBI) for the 2021/22 financial year. In his remarks, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said the JBI was established by the Government in 1975...

Bank of Jamaica (the Bank) is reminding the public of the potential risks of using or investing in cryptocurrencies, as stated in previous advisories from the Bank. Cryptocurrencies are digital currencies that are not issued or guaranteed by a central bank or a monetary authority. In addition, cryptocurrencies are not legal tender in Jamaica. Bank of Jamaica does not regulate...

Primary healthcare facilities will be built and upgraded in select rural communities through a $1.8-billion (€10.2-million) non-reimbursable grant from the European Union  (EU). The EU has committed the funds under its Caribbean Investment Facility (EU-CIF) in support of the Government of Jamaica (GOJ) Health Systems Strengthening Programme (Health Hybrid Programme), which aims to bolster the country’s capacity to effectively address...

Bank of Jamaica (BOJ) Governor, Richard Byles, says stakeholder endorsement and support will be crucial to the successful implementation of the proposed central bank digital currency (CBDC). Key among these interests that Mr. Byles has identified are the Government, merchants, and consumers. “The world is looking at us… with [our development of a] central bank digital currency [to determine whether]...

Bank of Jamaica (BOJ) Governor, Richard Byles, says work is being finalised to commence pilot implementation of the proposed central bank digital currency (CBDC) locally, in August. Mr. Byles indicated that technical support for the CBDC’s rollout, among other inputs, are being reviewed to facilitate onboarding of the first financial institution – National Commercial Bank (NCB) – to test the...

The International Monetary Fund (IMF) is among several global institutions taking keen interest in the proposed introduction of a central bank digital currency (CBDC) in Jamaica. Governor of the Bank of Jamaica (BOJ), Richard Byles, says other notable interests include the Bank of International Settlements, the United States Federal Reserve System, and the Central Bank of Lithuania. The BOJ is...

The Bank of Jamaica (BOJ) has said that the regulatory framework already exists within the financial sector to allay concerns about the introduction of a central bank digital currency (CBDC). Speaking in a recent Jamaica Information Service (JIS) ‘Get the Facts’ television interview, Director of the BOJ’s Payment System Policy & Development Department, Mario Griffiths, addressed concerns about the risks...