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BOJ Closer to Rollout of Digital Currency

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#Jamaica, November 24, 2021 – The Bank of Jamaica (BOJ) is slated to commence national rollout of the Central Bank Digital Currency (CBDC) platform during the first quarter of 2022.

Deputy Governor with responsibility for Banking, Currency Operations, and Financial Markets, Natalie Haynes, says it is anticipated that by then, additional deposit-taking institutions (DTIs) will be onboarded to enable the issuing of wallets to facilitate an expansion of the number of individuals and businesses utilising the currency.

National Commercial Bank (NCB) is currently the sole DTI participating in the CBDC pilot, which commenced in June and is slated to conclude in December.

Speaking during the BOJ Monetary Policy Committee (MPC) digital quarterly media briefing on Friday (November 19), Ms. Haynes said NCB has developed its wallet and has begun testing the facility.  She indicated that the bank is doing so with staff and their family members, adding that “we’re going to roll that out, before year end, to other account holders, namely individuals and small merchants”.

The Deputy Governor said these merchants include vendors, hairdressers and barbers, adding that “they will be doing testing, in terms of person to person and person to business [transactions]; in addition, they are going to be testing cash-ins and cash-outs at the [automated banking machines] ABMs”.

Ms. Haynes told journalists that the BOJ has also developed a wallet for its staff, adding that its interoperability with NCB’s will be tested, come December.

“An important component of any CBDC [is] for there to be interoperability between all wallet providers,” she further indicated.

CBDC is a digital form of central bank-issued currency and, therefore, is legal tender that can be exchanged dollar for dollar with physical cash.   Households and businesses will be able to use CBDC to, among other things, make payments as now obtains with cash.

CBDC is backed by the issuing central bank and is issued to authorised financial institutions, including deposit-taking institutions, on a wholesale basis as is now being done with physical currency.

The anticipated benefits of CBDC for Jamaican citizens, businesses and the Government include increased financial inclusion, as it will provide another easier-to-access means of efficient and secured payments.

For deposit-taking institutions and the BOJ, CBDC presents an opportunity to improve cash management processes and costs.

 

Contact: Douglas McIntosh

Release: JIS

 

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New Tilapia Hatchery Slated for Completion Later This Year

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#Kingston, Jamaica, March 27, 2024 – The new tilapia hatchery under construction in Twickenham Park, St. Catherine, is slated for completion towards the end of 2024.

The 12,000 sq. ft. facility, being built at a cost of approximately $574 million, is intended to address the major issue of shortages in good-quality seed stock for fish farmers islandwide.

Manager for the Promoting Community-based Climate Resilience in the Fisheries Sector Project, Selena Ledgister, says the hatchery’s establishment is critical for securing a sustainable fisheries sector.

“Construction is on in earnest and we are looking before the year is out – which would be by around September or October – to complete the building part of it. The Project will be supporting the purchase and installation of the recirculating aquaculture system. This system will provide over five million advanced fries (young fish) per year, using the recirculating aquaculture system,” she told JIS News.

The bio-secure climate-resilient modular hatchery, being developed in partnership with the Jamaica Social Investment Fund (JSIF), will feature a solar standby generator, plumbing system, rehabilitated guard host and administrative building.

Mrs. Ledgister said the hatchery, to be built and operated under environmentally friendly conditions, will impact the lives of fish farmers islandwide.

“I believe we have over 120 aquaculture farmers, and that number is growing; so, this will benefit the industry significantly. The hatchery is also expected to cushion the demand for fish. Fish farmers will also get the supply of advanced fries to restock their ponds. This is a significant impact that the Climate Resilience Project, as well as JSIF, will be creating for the Jamaican fish farmers,” she said.

 

Contact: Twila Wheelan

Release: JIS

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Trust Fund for Poor Children Born On or After August 6, 2022

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#Kingston, Jamaica, March 27, 2024 – Children born on or after the 60th anniversary of Jamaica’s Independence, who are wards of the State or beneficiaries of the Programme of Advancement Through Health and Education (PATH), will be eligible for the Jamaica 60 HOPE (Hope, Opportunity, Prosperity and Empowerment) For Children Trust Fund.

Jamaica celebrated its Diamond Jubilee on August 6, 2022.

In his contribution to the 2024/25 Budget Debate in the House of Representatives on March 21, Prime Minister, the Most. Hon. Andrew Holness, said the purpose of the Fund is to help to close the wealth gap and address the issue of intergenerational poverty by creating a trust account specifically catered to vulnerable children.

“The HOPE for Children Trust Fund will provide each eligible child with a long-term savings account funded through annual contributions from the Government. Parents, guardians or other donors will also be able to make deposits into the account for the future benefit of any specific child,” Mr. Holness said.

The accumulated funds, including interest, will be accessible on or after the child’s 18th birthday, for specific purposes such as education, purchase of a home or commercial property or investment in a business.

“The central idea behind the programme is to provide children with a lump sum to start them in life upon attaining adulthood. Our initial target is a lump sum of between $600,000 and $800,000, to be available on the 18th birthday of any eligible child,” Mr. Holness said.

He noted that the Government will also explore alternatives to establish and manage the Fund, adding that it could form part of the National Insurance Fund or be administered by private insurance companies.

“This is, I believe, a ground-breaking initiative to truly grapple with inequality in the society. From a historical perspective, there are many households who have no endowment in Jamaica, meaning that they can’t look towards anything bequeathed to them from their family. There is no asset being passed down to them from generation. The only way that they are able to create any wealth is through their labour, through the dint of their effort – literally pulling themselves up by their bootstraps,” Mr. Holness said.

The Prime Minister emphasised that as the economy grows, the Government has a responsibility to take instrumental and decisive steps to break the cycle of intergenerational poverty and correct structural inequalities.

“The intention here is great, the amount may be considered small, but it is the first step in the right direction to truly create a more equitable society,” Mr. Holness said.

 

Contact: Judana Murphy

Release: JIS

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Port Royal Museum to Open in May

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#Kingston, Jamaica, March 26, 2024 – The long-awaited Port Royal Museum is expected to be opened in May of this year, with the first exhibit set to be unveiled at the event.

Construction of the two-storey facility, which will be the first fit-for-purpose museum erected in Jamaica, was done at a cost of $788 million with funding from the Port Authority of Jamaica (PAJ).

Major work on the building was completed in December 2023, with finishing touches and furnishings left to be done.

Director of the National Museum Jamaica (NMJ), Dr. Jonathan Greenland, told JIS News in an interview that the new museum will replace the older and much smaller facility at Fort Charles.

“It didn’t touch all the subject areas… so we lobbied for the Port Authority to collaborate with us and develop a museum in Port Royal, and so they’ve actually constructed a huge building with restaurant facilities, lots of parking, multifunctional space and meeting rooms, shops and everything that a modern museum should have,” he said.

The museum will also be fully accessible to members of the disabled community with wheelchair ramps and an elevator.

Dr. Greenland added that the location of the museum is also of notable significance to the history of the sunken city.

“Right on the spot where the museum is going to be, there was a rebellion of the enslaved workers from the dockyard. The leader of the rebellion or uprising was a skilled bricklayer and when you look at the walls around the whole area where the dockyard used to be, he was probably involved in building that,” he said.

He further pointed out that the museum will present a new opportunity for the NMJ to attract even more visitors and facilitate cultural tourism.

“We’re very excited…. and you know Port Royal is a very interesting place and the history is fascinating. We always had loads of visitors from all around the world without doing any marketing whatsoever, and this is going to be a whole different level of merchandising, marketing and tourism. This is fascinating history and it’s going to be quite dramatic,” Dr. Greenland told JIS News.

 

Contact : Jermi-Lee Nelson

Release : JIS

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