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Inflation Trending Down

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#Kingston, Jamaica, August 21, 2022 – The Bank of Jamaica (BOJ) is encouraged by the declining out-turns recorded in the last three Consumer Price Index (CPI) reports, Governor, Richard Byles, has said.

The CPI, which measures variations (inflationary movements) in commodity prices for consumers, is administered by the Statistical Institute of Jamaica (STATIN).

Mr. Byles noted that having peaked at 11.8 per cent in April 2022, the rate of inflation fell to 10.9 per cent in May and June, and to 10.2 per cent in July.

“Declining international commodity prices, relative stability in the exchange rate, tighter liquidity management by the BOJ, and higher interest rates have allowed for this trend,” the Governor informed.

He was speaking during the Bank’s digital quarterly media briefing on Friday (August 19).

Mr. Byles said notwithstanding this “good trend”, the BOJ believes these conditions have not sufficiently solidified to ensure that inflation is sustainably placed on a downward path towards the institution’s four to six per cent target range, adding that “there remains some significant risks of reversal”.

He emphasised that the fragile geopolitical conflict between Russia and Ukraine, and Europe’s knock-on commodity price risks “cannot be ignored”.

Additionally, Mr. Byles said reported labour shortages in several sectors of the economy and pressures from recent local inflation experiences “carry the potential for future wage adjustments that could be inflationary”.

Further, the Governor said high inflation in the United States and other trading partners has prompted a programme of faster monetary adjustment, noting that this could cause capital outflows from Jamaica and exchange rate depreciation, “if domestic monetary policy is not properly aligned”.

“These are some of the factors the Bank’s Monetary Policy Committee (MPC) considered when it met on August 16 and 17, 2022, and voted to increase the policy rate [on deposit-taking institutions’ (DTIs) overnight balances] by a further 50 basis points to six per cent, effective August 19, 2022,” he told journalists.

Mr. Byles informed that the Committee also decided to continue pursuing other measures to contain Jamaican dollar liquidity expansion and maintain relative foreign exchange market stability.

He said the MPC noted that the Bank’s strong international reserves reinforce its ability to support the foreign exchange market, as needed.

“This current decision has resulted in a cumulative increase in the policy rate of 550 basis points since October 2021 and has taken the policy rate to a level that the Committee considers appropriate,” Mr. Byles pointed out.

He added that if incoming data on inflation continues to track downwards, and the monetary adjustments in the US, in particular, are as expected, “the MPC agreed that it could pause its policy rate increases”.

Mr. Byles advised that the policy rate increases were complemented by the Bank’s adjusting the Net Open Position limits for DTIs, and selling approximately US$678 million to the foreign exchange market, since October 2021.

This, he said, was approximately 30 per cent more than the sum sold over the corresponding period to July 2021.

He also indicated that the Bank bought US$1.96 billion over the same period, primarily through the surrender system.

Mr. Byles said these policy actions contributed to the exchange rate being stabilised since the start of November last year.

“Without these actions, imported inflation, and hence the final prices faced by consumers, would have been much higher,” he further stated.

Mr. Byles said the BOJ anticipates that these measures will continue to cause interest rates on deposits to further increase, thereby making savings in Jamaican dollars more attractive, relative to foreign currency assets.

 

 

Photo Caption: Bank of Jamaica (BOJ) Governor, Richard Byles.

Contact: Douglas McIntosh

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PISLM and Grenada Sign Historic Host Country Agreement

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Hon. Lennox Andrews and Mr. Calvin James sign the Host Country Agreement 

ST. GEORGE’S GRENADA- JUNE 19, 2025- The Partnership Initiative for Sustainable Land Management (PISLM), has successfully signed a Head Quarters Agreement with the Government of Grenada. This historic signing cements the Spice Isle, as the hub for the operations of the InterGovernmental Organisation (IGO), which will lead coordinated action and implement projects that will improve sustainable land and soil management within Caribbean Small Island Developing States (CSIDS).

Minister Hon. Lennox Andrews and Hon. Adrian Forde

The agreement was signed at the PISLM’s High Level Ministerial Gala, on Tuesday 17th, June 2025, at the Radisson Resorts Grenada, by the outgoing Executive Director Mr. Calvin James and Grenada’s Minister responsible for the United Nations Convention to Combat Desertification and Minister of Economic Development and Planning, Agriculture and Lands, Forestry and Blue Economy- Hon. Lennox J. Andrews.                                                                                                                                                                                                       The signing was witnessed by Hon. Adrian Forde- Minister of Environment and National Beautification, Green and Blue Economy of Barbados (incoming Chair of the PISLM Ministerial Council), Hon Kerryne James- Minister for Minister for Climate Resilience, the Environment and Renewable Energy and Hon. Vaughn P. Miller- Minister for the Environment and Natural Resources of the Bahamas; along with focal points for the United Nations Convention to Combat Desertification and key stakeholders.

Delivering feature remarks at the Ministerial Gala, Andrews commended the organization for its work in Small Island Developing States (SIDS). He described the signing as, “A demonstration of our commitment to sustainable land management.”

“It puts us in an obvious position where we can be recognized as a country that takes climate change and land degradation seriously,” he added.

Hon .Kerryne James, Hon. Vaughn Miller and Mr. Calvin James

The PISLM which officially became an Inter-Governmental Organization, one year ago, has been strengthening sustainable land and soil management across the Caribbean Small Island Developing States, through several projects including, Phase I of the CSIDS-SOILCARE Project and the Strengthening Resilience of Agricultural Lands and Forests in Dominica in the Aftermath of Hurricane Maria.                                                                                                     Reflecting on the two decades spent developing the organization into the premier Inter Governmental Organization responsible for land and soil, with a mandate to help countries meet their obligations under the UNCCD and land and soil areas of the Barbados Programme of Action, outgoing Executive Director Mr. Calvin James,  expressed gratitude to the Governments of Trinidad and Tobago and the Cooperative Republic of Guyana, that served as host countries.

“Their contributions set the stage for what we call Grenada, Carriacou and Petite Martinique phase and a new chapter for the PISLM. We hope that this phase will take us to where we ought to be in terms of positioning sustainable land and soil management in the environmental spectrum.”

Mr. Calvin James

The establishment of the PISLM Headquarters in Grenada will enhance coordination among Caribbean SIDS, provide a centralized platform for Small Island Developing Stations (SIDS) collaboration, and attract regional and international investment for sustainable land management solutions.                                                                                                                                                                       The office will become the hub for the implementation of several key projects such as the Caribbean LDN Transformative Project, which would be done in collaboration with the Inter American Institute for Cooperation in Agriculture, the Caribbean Sand & Dust storm Initiative, launch of Phase II of the CSIDS SOILCARE Project and the Caribbean Drought Initiative in collaboration with the Global Water Partnership-Caribbean.

PISLM extends its appreciation to the Government of Grenada, for their unwavering support in making this historic achievement a reality.

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Power Play: Beaches TCI Supervisor Named Top Scorer in Caribbean Cricket Championship

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TCI Cricket team

Members of the BTC team who represented the TCI on its recent cricket tour

PROVIDENCIALES, Turks & Caicos Islands: Beaches Turks and Caicos (BTC) is celebrating a proud moment after Maintenance and Engineering Supervisor, Jerome Daley, emerged as top scorer in the 10th Central American and Caribbean Cricket Championship, recently held in Panama. Daley represented the Turks and Caicos Islands Cricket (TCIC) team in its debut appearance at the regional tournament, which featured teams from Mexico, Costa Rica and Panama.                                                                                                                                                                                                                                            The TCIC team, composed of standout players from the recently concluded Turks and Caicos Islands Cricket Association (TCICA) T20 League, brought together a dynamic mix of youth, experience and professionals from both the private and public sectors.

BTC’s Elite Butler and TCIC team Captain, Sidue Hunter, reflected on the experience, “being called on to lead this team was a challenge I felt prepared for. The unity and camaraderie made a big difference. This team sets a solid foundation for the future of TCI cricket.”

While the team did not take home the championship title, Daley’s individual performance stood out. He led the tournament in runs and credited his teammates for their support.                                                                                                                                                                                                                                                            “Playing in unfamiliar conditions is always tough,” Daley admitted. “The pitches weren’t quite like what we’re used to at home but I trusted my game. With encouragement from my teammates, I was able to adjust and stay consistent.”                                                                                                                                                                                        BTC Managing Director James McAnally praised the team’s contribution to both sports and national development, “we are proud to support our team members who represented not just the resort but the Turks and Caicos Islands on a regional stage. This is what true corporate citizenship looks like—empowering people through teamwork, sports and community spirit.”

TCI Cricket Team captain Sidue Hunter (left) and Jerome Daley

McAnally also acknowledged the impressive BTC representation within the team:

  • Jerome Daley – top scorer, maintenance and engineering supervisor
  • Sidue Hunter – captain, elite butler
  • Maxine Salmon – scorer, kids camp department
  • Earl Henry – evening duty manager
  • Anthony “Moses” McKnight – elite butler

Vice President of TCICA, Ancell Williams, described the championship as a pivotal learning experience and outlined the organization’s ambitious vision, “we aim to integrate more youth into our national teams over the next two seasons. Long-term, we hope to field U15 and U19 teams in the West Indies youth championships. It’s a bold dream, but youth development is our future.”

This inaugural appearance at the championship signals a promising future for cricket in the Turks and Caicos Islands, with a growing commitment to nurturing talent from the grassroots to the regional stage.

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Sandals Foundation and CDEMA Celebrate Success of 3-Year Leadership Development Programme

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MEDIA RELEASE

 

REGIONAL, JUNE 11, 2025 – Forty-five (45) Senior Officers from three cohorts at the National Disaster Organisations (NDOs) and National Emergency Sectors in seventeen (17) Caribbean Disaster Emergency Management Agency (CDEMA) Participating States have benefited from a Strategic Leadership Development training programme that is in its third year, building their capacity and advancing disaster preparedness and response across the Caribbean.

As we enter the Atlantic Hurricane Season (June 1 – November 30), Senior Officers from Anguilla, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, , Montserrat, St. Kitts and Nevis, St. Lucia , Trinidad and Tobago, Turks and Caicos Islands and British Virgin Islands have been equipped with strategic leadership skills to enhance their ability to develop and implement disaster preparedness plans, coordinate and manage emergency responses, and support recovery efforts to strengthen their coordination, communication, and leadership in times of emergency.

Taking a holistic approach to Disaster Risk Management, the intensive programme enhances leadership skills through six (6) courses over a six-month period with modules in Leadership, Strategic Management, Project Management, Financial Management, Proposal Writing, and Crisis Communication and Incident Management.

In partnership with Sandals Foundation and the Arthur Lok Jack Global School of Business (ALJGSB) at the St. Augustine Campus of the University of the West Indies (UWI), the carefully curated curriculum successfully used interactive lectures, one-on-one coaching, and psychometric assessment to enhance officers’ approach to community wellbeing before, during and after a natural hazard.

Gayle Drakes, Education and Training Specialist at CDEMA, said, “The preventative approach to Disaster Risk Management at CDEMA is risk-reduction centred, emphasising an understanding of hazard exposure, vulnerabilities and capacities, and styling appropriate interventions for building more resilient communities.”

“By completing this three year programme with the Sandals Foundation, our region’s Senior Officers now have enhanced knowledge in advanced level competencies, all aimed at promoting our Comprehensive Disaster Management agenda [an integrated approach to risk management],” Drakes added.

“CDEMA is proud to have collaborated with the Sandals Foundation and the Arthur Lok Jack Global School of Business on this initiative to strengthen the foundation of national and regional resilience. As we enter the 2025 Atlantic Hurricane Season, we are confident that this cadre of professionals is better equipped to lead preparedness, response, and recovery efforts that result in safeguarding lives and livelihoods throughout the Caribbean.” said Executive Director of CDEMA, Elizabeth Riley.

Sandals Foundation, for its part, provided necessary funding to implement the programme for its three-year duration, valued at some US $150,000. Heidi Clarke, Executive Director at Sandals Foundation, says she is optimistic about the future for both NDO Officers and the citizens of the Caribbean.

“Improved Disaster Risk Management starts with our leaders. A holistic approach starts with education and training. When we equip our leaders with the resources they need, we feel confident in their ability to guide us toward a culture of preparedness and awareness, especially in the face of natural hazards,” said Clarke.

The Sandals Foundation has routinely partnered with organisations that promote disaster preparedness and building resilience across the Caribbean – training NDO Officers and small business operators, and educating youth and community members in safety protocols and disaster mitigation and prevention. Some of its partners to date have included the United Nations Development Programme (UNDP), The Office of Disaster Preparedness and Emergency Management (ODPEM) in Jamaica, and the Youth Emergency Action Committee (YEAC) in Grenada.

 

Header: In partnership with Sandals Foundation and the Arthur Lok Jack Global School of Business, 45 Senior Officers in 17 Caribbean Disaster Emergency Management Agency Participating States have benefited from a Strategic Leadership Development training programme, building their capacity and advancing disaster preparedness and response across the Caribbean.

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