“Jamaica has the wherewithal to withstand this crisis, always ensure that the poor and vulnerable are protected from the worse effects of this crisis – the Jamaica’s economy is resilient and we will weather this storm”
– Finance Minister, Dr Nigel Clarke
Finance Minister in his Budget Debate, highlights lessons learnt over the years, that can help to guide future decisions and growth. In his speech he boasted of a 14% growth in the Jamaican economy in the first quarter of the fiscal year- adding that it is the highest quarterly growth ever recorded in Jamaica.
JAMAICA DIGITAL EXCHANGE – JAM-DEX – “No cash, no problem!”
The key milestone is to make the BOJ the sole issuer of Jamaica Digital Exchange – JAM-DEX and for it to be legally recognize and legal tender. It allows for the remote transfer of funds while reducing the hassle of cash transactions, at any time.
If banking fees is an issue, the finance minister is recommending that the ‘Know Your Customer’ can be used. It incentivizes and encourage the take up of low risk, no fee accounts, Government of Jamaica will deposit, to each of the first 100,000 Know Your Customer (KYC) $2500, to any customer who opens such accounts, after April 1. Explaining that the Know Your Customer procedure can be cumbersome, however he is encouraging Jamaicans to open their bank accounts and without the need to pay any fees. The first 100,000 digital currency wallets after the April 1, will receive $2,500 from the government, plus no banking fees. The minister shares that the national roll out of Central Bank Digital Currency (CBDC) is schedule for at the beginning of next quarter.
He is to tell the nation how $912-billion budget will be financed during the 2022/2023 Budget Debate.
This story will be updated subsequent to our newscast.
