Bank of Jamaica (BOJ) Governor, Richard Byles, says the country’s net international reserves (NIR) remain healthy, amounting to US$3.3 billion, as at the end of April. Speaking at the BOJ’s digital quarterly media briefing on May 21, Mr. Byles noted that additionally, since March 2020, the Bank has purchased US$1.9 billion locally via market surrenders, which pay for government debt...

Bank of Jamaica (BOJ) Governor, Richard Byles, says deposit-taking institutions’ (DTIs) balance sheets continue to indicate that they are growing, properly capitalised and in compliance with prudent liquidity standards. Speaking at the bank’s digital quarterly briefing on May 21, Mr. Byles said notwithstanding the “moderating” impact of the coronavirus (COVID-19) pandemic, loan growth for DTIs has remained “fairly resilient.” “The...

Eighty human resource (HR) practitioners in the public sector are being trained in Strategic Workforce Planning as the Government seeks to improve the capacity of HR departments to plan for staffing needs in their various organisations. This will enable a more holistic view of gaps in the workforce and how these may be addressed to achieve the priorities of government....

Minister of Finance and the Public Service, Dr. Nigel Clarke, announced that the Government of Jamaica, through the Social and Economic Recovery and Vaccine (“SERVE”) Jamaica Programme, will provide $1 billion to support MSMEs to Go Digital.   While speaking at the First Global Bank’s 4th SME Summit, ‘Accelerating Growth Through Digitization,’ on Wednesday, May 19, 2021, Minister Clarke noted...

Tax Administration Jamaica (TAJ) wishes to advise that the application for registered General Consumption Tax (GCT) status can now be done online. Seventy-eight (78) applications have been received using the new service since the April 2021 implementation, which is accessible through the tax portal at www.jamaicatax.gov.jm, and now forms part of the Tax Authority’s increased suite of digital services. This means...

Tax Administration Jamaica (TAJ) is reporting that its Direct Funds Transfer (DFT) payment option, is yielding impressive results since the implementation of the pilot in January 2021. Approximately $75B has been transferred using the new service, which gives taxpayers the convenience to transfer funds from their own bank account to TAJ’s bank account, for the payment of several business related taxes and fees. This amount equates to, in excess of...

The Government has taken the first step towards seeking parliamentary approval to declare the Montego Bay Perimeter Road Project a National Development Project. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, on Wednesday (May 5), tabled the Public Procurement National Development Project/Montego Bay Perimeter Road Project Order 2021 and the Public Procurement National Development Project/Montego Bay...