Jamaica’s net remittance flows totalled $220.9 million as at November 2020 reflecting an increase of 25.7% or US$45.2 million over November 2019. This increase resulted from a rise in gross remittance inflows of 18.7% or US$37.5 million aided by a decrease of 32% or US$7.7 million in outflows. Ba...

This week’s CARICOM BUSINESS Newsletter features some of the economic fall out as the Region continues to grapple with the COVID-19 pandemic. This edition touches on developments in Barbados, Jamaica, the Bahamas and St. Vincent and the Grenadines,  as well as the European Union’s continuing...

The Board of Governors of the CDB has elected Hyginus “Gene” Leon to serve as the next President of the multilateral institution. Leon’s appointment will become effective on May 1, 2021. He will succeed W. Warren Smith. Leon has over 30 years of experience in economic development and has directed...

Finance Minister Dr Nigel Clarke, says Jamaica’s private securities market grew by approximately 100% between 2017 and 2020, with the value of bond issuance transactions doubling from some $200 million to $400 million. This metric was noted within the context that the banking sector recorded loan...

Grenada’s light and power company monopoly, Grenlec, will continue to operate as a private company, although the government has repurchased the majority shares owned by WRB Enterprises. Through a US$63-million settlement, which is US$12 million less than an arbitration award, the government regai...

In a break with tradition, the government of St Vincent and The Grenadines, in the absence of a budget for 2021, received approval from Parliament to borrow EC$125 million for capital expenditure for next year. Public Sector Investment Loan No. 2 Act 2020, presented by Minister of Finance, Camill...

The National Bank of Belize (NBB) has solicited the expertise of Barbados-based financial technology firm Bitt to create and launch a digital wallet that will complement the bank’s mobile banking services. “NBB is licensing a digital currency infrastructure from Bitt to support retail and busines...

The Government of Jamaica is to roll out a broadband expansion programme, dubbed the National Broadband Initiative, which will seek to provide Internet connection to every household by 2025.  According to Minister of Science, Energy and Technology, Daryl Vaz, the Government will make access to th...

Jamaica’s Tourism Minister Edmund Bartlett says since its borders reopened in June, they have welcomed 300,000 visitors yielding some US$150 million. According to Bartlett, if the current arrival trend is sustained over the winter season, then about 30% of the 170,000 workers directly employed in...

The Government of Jamaica has initiated action to institutionalise fiscal transparency and strengthen its fiscal responsibility framework by way of an Independent Fiscal Commission. This was effected through tabling a Bill to that effect in the House of Representatives. According to Finance Minis...