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  • Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, says significant improvement in foreign direct investments (FDIs) is a good indicator of confidence in the Jamaican economy.
  • The EPOC Co-Chair also said the Bank of Jamaica has published data indicating that the ratio of US dollar deposits to total deposits in all commercial banks for September is 47 per cent. The BOJ i
  • This is in line with the Government’s push to increase private-sector and foreign investments for economic growth.

Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, says significant improvement in foreign direct investments (FDIs) is a good indicator of confidence in the Jamaican economy.

Mr. Byles, speaking at an EPOC press briefing at Sagicor head office in Kingston yesterday (November 10), said FDI stood at US$946.3 million for the 2015/16 fiscal year. This represents a 43 per cent increase in inflows over the previous year and represents 6.6 per cent of gross domestic product (GDP).

Meanwhile, the EPOC Co-Chair also said the Bank of Jamaica has published data indicating that the ratio of US dollar deposits to total deposits in all commercial banks for September is 47 per cent.

The BOJ is also reporting continued expansion of credit to the private sector, up 14.3 per cent for the 12-month period, which ended in September. This reflects growth in loans to both businesses and households, compared to 7.8 for the similar period last year.

“More and more credit is going to the private sector, shared between retail purchases as well as business investments, and this is another good indicator of the health of confidence in the economy and the reinvestment of the private sector in the economy,” Mr. Byles said.

This is in line with the Government’s push to increase private-sector and foreign investments for economic growth.