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BOJ Anticipates Minimal Price Disruptions from US Tariffs

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Kingston, Jamaica, May 21, 2025 – The Bank of Jamaica (BOJ) Monetary Policy Committee (MPC) projects that the initial impact of rising US tariffs on prices in Jamaica will be minimal.

“In assessing the near-term outlook, the Monetary Policy Committee contemplated the implications for the Jamaican economy of the policies that have been implemented by the US administration, to date, and in so doing looked at several scenarios. From this exercise, the Bank’s view is that the first-round impact of the increase in US tariffs on prices in Jamaica will not be significant,” BOJ Governor, Richard Byles, said.

He was addressing the Quarterly Monetary Policy Report press conference at the Jamaica Conference Centre in downtown Kingston on Wednesday (May 21).

The Governor noted that, in the US, these policies are likely to cause a temporary rise in inflation.

“We expect that the US Federal Reserve (the Fed) will respond appropriately, and we also anticipate a slowing of the pace of US economic growth. We note that the Fed maintained its interest rate target in the range of 4.25 to 4.50 per cent in the May 2025 meeting and is likely to continue to maintain rates for an extended period of time in 2025,” he said.

Mr. Byles pointed out, however, that while some consumer prices in Jamaica may rise due to higher inflation in the US, the impact of imported inflation on overall domestic price level increases will be largely offset by declining global oil prices.

“Given the available information, the Bank, therefore projects, a moderate impact of the US policy changes on prices in Jamaica. In this context, the outlook is for inflation to remain within the Bank’s target range of four to six per cent over the next two years, notwithstanding some upside risk. This outlook assumes stable inflation expectations, a moderate decline in crude oil prices, continued stability in the exchange rate and moderate domestic demand,” the Governor added.

Mr. Byles pointed out that the risks to the inflation forecast are, however, skewed to the upside, which means the out-turn could be higher than projected.

“Higher inflation could stem from a sharper-than-anticipated increase in the tariff faced by trading partners of the US. In addition, domestic inflation could be higher than projected if there is a further escalation in geopolitical tensions, which could negatively impact international supply chains. Lower inflation could, however, result from lower-than-projected international commodity prices as well as weaker demand conditions,” he explained.                                                                                                                                                                                                               Consequently, the Governor said the MPC will continue to closely monitor domestic inflation expectations and any upward pressure on prices resulting from the evolving tariff landscape.                                                                                                                                                                                                     Mr. Byles added that the Bank is prepared to adjust its monetary policy stance if its outlook does not materialise and inflation deviates upwards from the Bank’s target range.

“Importantly, the Bank is well positioned to support stability in the foreign exchange market, should the effects of the policy changes abroad affect foreign exchange flows by more than currently anticipated,” he stated.

The Governor said the BOJ remains committed to achieving its primary mandate of maintaining inflation at four to six per cent and will deploy the tools necessary to preserve price and foreign exchange market stability.

Meanwhile, Mr. Byles said US policy changes may have some impact on Jamaica’s gross domestic product (GDP) growth and the external accounts, to the extent that tourism and goods exports as well as remittances are affected.

“Some of Jamaica’s exports will be exempt from the baseline tariff imposed on Jamaica by the US, and this may augur well for growth in those industries. The economy is, therefore, projected to grow moderately over the near term.

“Against this background, and factoring domestic demand conditions, for fiscal year 2025/26, real GDP is projected to recover in the range of one to three per cent, largely reflecting normalisation in the mining, tourism and construction sectors. In this context, employment levels are projected to remain high, even as anecdotal data suggest that wage pressures are moderating,” he said.

Meanwhile, the Governor indicated that Jamaica’s current account balance is expected to remain in surplus in the near term, with international reserves projected to remain healthy.

“The Bank projects that gross reserves will improve further over the medium- term, remaining above the Assessing Reserve Adequacy (ARA) 100 per cent,” he said.

Mr. Byles pointed out that “the external environment carries much uncertainty, but the domestic macroeconomic outlook remains stable in the Bank’s view”.

 

CONTACT: CHRIS PATTERSON

Release: JIS

Caribbean News

Team Trinidad & Tobago Makes Waves with Historic CARIFTA Aquatics Performance

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April 14, 2026 – Team Trinidad and Tobago delivered one of the most commanding performances at the 2026 CARIFTA Aquatics Championships, finishing third overall in swimming and second in athletics, signaling a powerful resurgence on the regional stage.

Competing in Martinique, the swim team amassed an impressive 747 points and 59 medals—20 gold, 19 silver and 20 bronze—in what officials are calling a historic showing. The result marks a significant step forward from previous years, reinforcing the country’s growing strength across disciplines and age groups.

Standout performances came from a deep and talented squad. Zahara Anthony led the charge with 72 points, dominating the Girls 11–12 division across freestyle, butterfly and individual medley events. Liam Carrington followed closely with 69 points, delivering a near-flawless campaign in the Boys 15–17 category, while Marena Martinez, Xaiden Valentine and Serenity Pantin added critical points with consistent podium finishes.

The team’s strength was not limited to individual brilliance. Athletes like Micah Alexander, Ethan McMillan-Cole and Jaden Mills showcased versatility and depth, while relay contributions from swimmers including Julius Ennals and Anpherne Bernard helped secure the team’s overall standing.

The performance drew high praise from the Ministry of Sport and Youth Affairs in Trinidad and Tobago, which welcomed the team home in celebration of what was described as a defining moment for the programme.

Minister Phillip Watts noted, “This success is not accidental. It is the result of hard work, structure, vision, and belief. Our young athletes are proving that Trinidad and Tobago is rising again.”

He added that every performance sent a clear message across the region that the country is “not standing still… we are moving forward.”

The showing in Martinique underscores the impact of sustained investment in youth development, coaching and systems, with Team TTO emerging as one of the most complete and competitive squads at CARIFTA 2026.

With momentum now firmly on their side, Trinidad and Tobago’s swimmers are not just competing—they are setting the pace for the future of Caribbean aquatics.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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Mottley Celebrates CARIFTA Champions After Stunning Relay Upset

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Barbados, April 14, 2026 – Barbados’ Prime Minister Mia Mottley rolled out a hero’s welcome for the island’s CARIFTA athletes, celebrating a team that delivered one of the most talked-about moments of the 2026 championships.

At a reception held at Ilaro Court, Mottley met with the returning team, including the country’s Under-20 men’s 4x400m relay squad—Kyle Gale, Demario Prince, Akeem Sirjue and Jamar Marshall—whose electrifying performance at the Kirani James National Stadium stunned regional powerhouses.

The Barbadian quartet surged to gold in a dramatic finish, toppling both The Bahamas—long dominant in the event—and Jamaica, whose athletes have historically controlled the CARIFTA track scene with decades of relay success.

The victory capped a high-energy night and is already being described as a defining moment for Barbadian athletics.

Speaking after the team’s return, Mottley underscored the national pride sparked by the athletes’ achievements.

“This afternoon filled me with pride. To welcome our CARIFTA athletes to Ilaro Court, to see their smiles, feel their joy and thank them personally for what they have done for Barbados, was deeply special,” she said.

The Prime Minister also announced a $1 million investment to support athlete development, including enhancements to sporting infrastructure, sports science, nutrition and training systems.

“Our young people are soaring already. Barbados must now make sure they have every tool to go even higher,” Mottley added.

The reception signaled not just celebration, but commitment—positioning Barbados to build on a breakthrough moment that has shifted the regional athletics conversation.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Fighting the fungus foe of the beloved banana

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How Venezuelan farmers are learning to grow and live with a devastating plant disease

 

In the fields of Venezuela, where the banana has been for generations a symbol of sustenance and tradition, a shadow fell across the land. In 2023, Venezuela’s National Institute of Integral Agricultural Health (INSAI) declared a phytosanitary emergency: the fungus Fusarium Tropical Race 4 (TR4) (Fusarium oxysporum f. sp. cubense tropical race 4; syn. Fusarium odoratissimum) had arrived in producing areas in the states of Aragua, Carabobo and Cojedes.

This fungus, considered a devastating disease of banana and plantain (Musaceae) trees, can remain in the soil for more than two decades, threatening production and the lives of those who depend on it.

In the state of Aragua in the north of the country, the Renacer community had been growing bananas and plantains on 20 hectares since 2018. Then Fusarium arrived.

“When the disease hit, the entire plantation began to deteriorate. We refused to ‘die’ with the trees because that was our livelihood. The visits of INSAI confirmed that we had to chop down the banana trees. I cried a lot because I had worked with my banana trees for years,” recalls woman farmer, Lesbia Margarita García, with a broken voice.

In response, INSAI implemented measures to eliminate the affected plantations and improve the soil health by changing to other crops that allow agricultural production to recover. The Food and Agriculture Organization of the United Nations (FAO) offered assistance by providing corn seeds, tools, biosecurity inputs and training, with teams of experts helping farmers to start again.

“Planting corn, thanks to the INSAI-FAO programme, gave us a harvest that benefited everyone. We have been improving the soil,” says Lesbia Margarita with a smile. “Now we rotate crops, observe soil health and have learned how to use natural fertilizers. Expert assistance has been key.”

The pilot project works directly with affected producers in high-risk areas, promoting alternative crops such as cereals and vegetables, delivering inputs and tools to mitigate damage and applying biosecurity measures for safe and effective containment.

“Beyond the corn received, we have already planted cassava, chili peppers, beans and pumpkin. We hope that by the end of the year [2025] we will be diversified and that each season we will have something to sell. These lands do not give up,” says Lesbia Margarita with conviction.

The Renacer community is beginning to see fruits. Their products are reaching local markets, generating income and rebuilding their livelihoods.

Key actions to manage Fusarium TR4 are ongoing, including regular monitoring, continuous training, inter‑institutional coordination, updates to the national plan, information campaigns and producer impact assessments. INSAI is sustaining regulatory, surveillance measures and training —with FAO support—as part of a comprehensive long‑term strategy.

At the global level, FAO supports awareness raising, capacity building and international collaboration in the fight against Fusarium TR4 by facilitating the World Banana Forum and its Global Network on TR4.

“The objective is for countries to strengthen their operational and technical capacity, articulating actions between the public sector, the private sector and family farmers,” says Raixa Llauger, FAO Agriculture Officer in Mesoamerica. “FAO and local partners have promoted this approach in Venezuela.”

As an essential part of the activities, a comprehensive training programme was developed with activities that taught farmers how to identify the disease contain it and protect crops. In addition, FAO has distributed laboratory equipment, biosecurity tools and a multispectral drone to INSAI. Drones are an efficient and cost‑effective tool for phytosanitary surveillance, offering rapid, high‑resolution monitoring and early detection of plant pests and diseases.

Overall, the project strengthened biosecurity measures against the Fusarium fungus through the adoption of the National Action Plan and the establishment of partnerships with national and international institutions. In addition, the pilot initiative supporting smallholder farmers in key production areas and a nationwide awareness campaign with broad outreach improved surveillance, diagnosis and phytosanitary response capacities across the country.

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