As the country awaits an announcement on the successor program to the current extended fund facility between the Government and the International Monetary Fund (IMF), the Economics Department at the University of the West Indies, Mona, is putting on the table suggestions on the way forward.
The following is a commentary on regulation ahead of the Organisation of Caribbean Utility Regulators 14th annual conference set for Montego Bay, St James, between October 26 and 28 at the Secrets Resorts and Spa.
There is an increasing need to invest in the agricultural industry due to changes in people's dietary preferences as they try to take a healthier approach to eating. Agricultural investment is also relevant due to rising local and global population rates. The Jamaican population has increased from 1.62 million people in 1962 to close to three million today.
What Is The Current Situation?
Jamaica has successfully completed 12 consecutive quarterly review tests under the Extended Fund Facility (EFF) offered by the International Monetary Fund (IMF). An internal review IMF team visited the island in August and they have outlined a set of policies necessary for Jamaica to complete the 13th review under the EFF.
Today we continue a series of guest columns ahead of the October 26-28 regional regulation conference in Montego Bay, St James. It is being organised by the Organization of Caribbean Utility Regulators (OOCUR) and hosted by the local Office of Utility Regulation (OUR).
In this globalised business environment, persons who wish to invest in stocks and bonds can do so with relative ease compared to 20 years ago. The global appetite for stock investments has been evolving - as more people see the need for investment, more countries open stock markets.
The exchange rate ended closing day on Tuesday at little less than J$128 to US$1. Coming from approximately $120 to $1 at the start of January 2016, consumers anticipated the rate to plateau at US$125 to J$1 the most.
However, the depreciating trend has continued like a freight train and already the currency has depreciated by more than five per cent since the start of the year.
Industries that are competitive usually provide the best outcomes for society - the lowest possible prices, the highest possible quality, and efficient use of resources (raw material, capital and labour). This efficiency allows the country to get maximum output from its limited resources. Consumers and society at large benefit from competition.
How Valuable Was Our Currency?
Upon receiving Independence from Britain, Jamaica strengthened its currency board system by establishing the Bank of Jamaica. The exchange rate was pegged one to one with the British pound. Annual inflation rate was low and industrial expansion, including a boom in the bauxite industry, encouraged production towards the end of the '60s.
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Our 7 faculties and 12 professional schools offer more than 200 programmes to some 18,000 graduate, undergraduate and continuing studies students.
The UWI, Mona ranks first in Jamaica among accredited tertiary-level programmes. In 2012, the University was again one of Jamaica’s Top 100 Employers.
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