Jamaicans’ appetite to invest in US currency has driven the Bank of Jamaica (BOJ) to increase its holdings on the foreign currency deposits of financial institutions, thus creating a disincentive for the banks to take deposits in any other currency but the Jamaican dollar. The BOJ adjustment means that
IDB President Luis Alberto Moreno greets Minister of State in the Ministry of Finance and Planning Faval Williams as she arrives at the Bank’s Headquarters on Tuesday for bilateral talks. Looking on from left is Jamaica’s IDB representative Arthur Williams and IDB’s Executive Director for the Caribbean Jerry Butler. (Photo:
Prime Minister Andrew Holness says imminent policy changes will be made to existing pension schemes. According to the Prime Minister, the changes will ensure greater efficiency of the pension funds. He says the Government wants to see pension funds structure their assets to align them with the Government's investment infrastructure
Today, the Bank releases the Quarterly Monetary Policy Report (“QMPR”) for the October to December 2016 quarter. As we have discussed on many occasions, years, decades even, of feeding an insatiable appetite for borrowing by the government and its agencies diverted the flow of financial resources from the private sector
Evan Thwaites, managing director of new property insurance company IronRock Insurance Ltd, indicates that directors are pleased with the 2016 results, having weathered the first year in operation with losses which were lower than expected. Thwaites told the Jamaica Observer that in the new financial year the company is expecting
Once again, the combination of agriculture, forestry and fishing was the sector which grew the most in the December 2016 quarter, the Bank of Jamaica (BOJ) indicates in its quarterly Monetary Report (QMPR) which was released yesterday. The food and forest-based industries topped real sector growth, delivering an increase
Prime Minister Andrew Holness speaking at the annual Sagicor Pension Investment Seminar yesterday. (Photo: Lionel Rookwood) PRIME Minister Andrew Holness says policy changes will be made to existing pension schemes even as trade unions insist that they will not accept some of the proposals by his Administration to implement a
Minister with oversight responsibility for water, works and housing in the Ministry of Economic Growth and Job Creation Dr Horace Chang (left) and CEO of Kingston Freeport Terminal Limited Olivier Tretout look at sludge dredged from the seafloor at Port Bustamante, yesterday. (Michael Gordon) Seven weeks into the dredging of
General insurance start-up IronRock closed its first full year of operation with a loss of $48 million, but Managing Director R. Evan Thwaites says the numbers are in line with expectations. "We are pretty much bang on with our predictions, so to that extent we are pleased," he said in
IronRock Insurance recorded a pre-tax loss of $48.2 million for the year ended December 31. Gross Written Premium amounted to $127.3 million with Net Written Premium totaling $46.5 million. Iron Rock said in a report to the stock exchange that its operating expenses were $91 million and there were claims
