Outstanding banks loans in Jamaica hit a new record of $1 trillion at the end of 2020, but non-performing loans (NPL) loans grew by more than 40%. Total loans across the banking system increased by 9%, from $915 billion to just over $1.03 trillion at the end of December, but grew by 17% in 2019. ...

The Caribbean Development Bank (CDB) is reporting that the economies of its 19 Borrowing Member Countries (BMCs) contracted by 12.8% on average in 2020 but is projecting an average GDP growth of 3.8% in 2021. According to the Bank in 2020, the majority of BMCs registered double-digit declines in ...

Over a quarter of businesses in the Caribbean have not been able to meet their digitisation goals. This was revealed by PricewaterhouseCoopers in its Caribbean Digital Readiness Survey 2021. In the survey, 42% of respondents believed they were on target to meet their goals while 28% said they wer...

Jamaica’s net remittance flows totalled $220.9 million as at November 2020 reflecting an increase of 25.7% or US$45.2 million over November 2019. This increase resulted from a rise in gross remittance inflows of 18.7% or US$37.5 million aided by a decrease of 32% or US$7.7 million in outflows. Ba...

This week’s CARICOM BUSINESS Newsletter features some of the economic fall out as the Region continues to grapple with the COVID-19 pandemic. This edition touches on developments in Barbados, Jamaica, the Bahamas and St. Vincent and the Grenadines,  as well as the European Union’s continuing...

The Board of Governors of the CDB has elected Hyginus “Gene” Leon to serve as the next President of the multilateral institution. Leon’s appointment will become effective on May 1, 2021. He will succeed W. Warren Smith. Leon has over 30 years of experience in economic development and has directed...

Finance Minister Dr Nigel Clarke, says Jamaica’s private securities market grew by approximately 100% between 2017 and 2020, with the value of bond issuance transactions doubling from some $200 million to $400 million. This metric was noted within the context that the banking sector recorded loan...

Grenada’s light and power company monopoly, Grenlec, will continue to operate as a private company, although the government has repurchased the majority shares owned by WRB Enterprises. Through a US$63-million settlement, which is US$12 million less than an arbitration award, the government regai...

In a break with tradition, the government of St Vincent and The Grenadines, in the absence of a budget for 2021, received approval from Parliament to borrow EC$125 million for capital expenditure for next year. Public Sector Investment Loan No. 2 Act 2020, presented by Minister of Finance, Camill...

The National Bank of Belize (NBB) has solicited the expertise of Barbados-based financial technology firm Bitt to create and launch a digital wallet that will complement the bank’s mobile banking services. “NBB is licensing a digital currency infrastructure from Bitt to support retail and busines...