caricom business
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Jamaica lowers primary surplus target: CARICOM BUSINESS
Jamaica is further revising down Jamaica’s primary surplus target to 3.1% among other measures, to cover almost $17 billion in additional expenditure for the current fiscal year. According to Finance Minister Nigel Clarke preliminary numbers for the 6 months ending September 30, show that overall revenues were $8 billion or 3% than budgeted but 18.8% lower than the corresponding 6…
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Suriname unifies exchange rate: CARICOM BUSINESS
The Surinamese economy is officially running at a rate of SRD 14,018 for the purchase of the US dollar from September 22, while it is being sold for SRD 14,290 by the official exchange offices and foreign exchange banks. Maurice Roemer, Governor of the Central Bank of Suriname (CBvS), in making the announcement indicated that the official declaration (unification with…
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Haiti receives US$7.45-M pay-out from CCRIF: CARICOM BUSINESS
CCRIF SPC on September 7, disbursed approximately US$7.2m to the Government of Haiti on its Excess Rainfall (XSR) parametric insurance policy following the passage of Tropical Cyclone Laura. According to CCRIF SPC, Haiti also received a pay-out of US$290,925 under the Aggregate Deductible Cover (ADC). The total insurance pay-outs to Haiti as a result of Laura fell within the 14-day…
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Guyana waives all banking charges for the rest of 2020: CARICOM BUSINESS
The Government of Guyana has announced measures geared towards easing the financial burden on citizens in the wake of the COVID-19 pandemic. According to newly appointed President, Dr Irfaan Ali an agreement has been reached with the local banking sector to extend the moratorium on loan payments until the end of the year and to cut interest rates. “Commercial banks…
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USA cautions against CARICOM travel, not so says UK: CARICOM BUSINESS
All CARICOM Member States except Dominica have been accorded a Category 3 status by the USA, thereby warning its citizens, a major source of visitor arrivals to the Region, to avoid non-essential travel to the destinations, as the risk of COVID infection is high. For Dominica no health and travel guidance was issued. In the meantime, England has designated 10…
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Bank of Jamaica developing digital currency as legal tender: CARICOM BUSINESS
The Bank of Jamaica, BOJ, plans to test a digital currency as an alternative to cash later in 2020. The Central Bank Digital Currency, or CBDC, would be additional to banknotes and coins, and backed by the Central Bank as legal tender. It will be tenable in Jamaica only. According to the BOJ, the digital currency will be issued to…
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CAL launches its EC service as LIAT reorganizes: CARICOM BUSINESS
Caribbean Airlines (CAL) has launched it service to the Eastern Caribbean using Barbados as its temporary hub. The first flights commenced on July 22. According to CAL “Flights will initially operate between Barbados to St Vincent and the Grenadines and Grenada with other destinations to be added once the regulatory approvals are received. ”The move by CAL comes in the…
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Caribbean Digital Transformation Project approved: CARICOM BUSINESS
The World Bank has approved a regional Caribbean Digital Transformation Project for a total of US$94 million for four Eastern Caribbean countries: Dominica (US$28m), Grenada (US$8m), St. Lucia (US$20m), St. Vincent and the Grenadines (US$30m), and the OECS Commission (US$8m) to build an inclusive digital economy. It aims to increase access to digital services, technologies, and skills by governments, businesses,…
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Jamaica State bus company to launch mobile supermarket: CARICOM BUSINESS
The Jamaica Urban Transit Company (JUTC) Limited will continue to pursue a number of initiatives aimed at increasing operational efficiencies, despite a 30% drop in revenue due to the novel coronavirus (COVID-19). One of the most ambitious proposals from the company is a plan to convert one of its buses into a mobile supermarket, geared at serving elderly and disabled…
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CCRIF offers 31% discount for hurricane insurance: CARICOM BUSINESS
The Caribbean Catastrophic Risk Insurance Segregated Portfolio Company (CCRIF SPC) has announced that all of its member countries have renewed their parametric insurance coverage for over $1 billion. The policy covers tropical cyclones, excess rainfall, earthquakes and fisheries and the coverage this year represents an 8% increase over years past. “The European Union under its global COVID -19 response has…
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