Morning Bites: 5 things to know for Wednesday: Interest rates; NHT; Bus fares; NY Reparations; Today's Weather; Clovis Toon; Breaking News and more

Morning Bites: 5 things to know for Wednesday, December 20, 2023 BOJ to announce latest decision on policy interest rate The country will know today whether the Bank of Jamaica (BOJ) will increase its policy interest rate (the interest rate paid by the BOJ on overnight placements by deposit‐taking institutions). There have been [signals coming from the central bank that rate hikes could resume soon]( as its forecast continues to show a new round of heightened price increases in coming months. The latest signal of a resumption in rate hikes came in the central bank's financial policy committee (FPC) statement released two weeks ago. Jamaica 90% compliant with FATF recommendations Jamaica is now [more compliant than it has ever been with its anti-money laundering and combating the financing of terrorism (AML/CFT) reporting]( requirements. This is according to Finance Minister Dr Nigel Clarke, who said the island is now more than 90 per cent compliant with the recommendations of the Financial Action Task Force (FATF), currently satisfying 37 of the 40 that are outlined in the FATF. In a statement in the House of Representatives on Tuesday, he explained that FATF’s recommendations constitute the international standards by which the preventative measures taken by each country to combat the risks posed by criminals to launder the proceeds of crime and finance terrorism and the proliferation of weapons of mass destruction are assessed. NHT increases microfinance loan ceiling Qualifying National Housing Trust (NHT) contributors can [now access up to $1.95 million]( under the improved Housing Microfinance Loan programme. Assistant General Manager for Treasury Management, Lloy Palmer, said the initiative aims to provide more financing options for low-income earners. Under the programme, only a maximum of $1.1 million can be borrowed at one time, and the remainder accessed throughout the life of the loan. Advertisement Commuters to benefit from reduction in JUTC fares come January Some 60,000 Jamaica Urban Transit Company (JUTC) passengers in the Kingston Metropolitan Region are set to [benefit from the temporary reduction in bus fares](. As of January 1, there will be a cut in the regular fare from $100 to $70, with the fare for children moving from $30 to $25, and for pensioners from $40 to $30. New York to set up commission to consider reparations for slavery New York state will create a [commission tasked with considering reparations]( to address the persistent, harmful effects of slavery in the state, under a bill signed into law by Governor Kathy Hochul on Tuesday. It comes at a time when many states and towns throughout the United States attempt to figure out how to best reckon with the country's dark past and follows in the footsteps of similar task forces in California and Illinois. TODAY'S WEATHER FORECAST Partly cloudy conditions are set to dominate today, according to the Meteorological Service of Jamaica. In the morning, it is expected to be mostly cloudy across northeastern parishes, while partly cloudy, windy and cool elsewhere. In the afternoon, it is expected to be partly cloudy, windy and cool. ICYMI: WHILE YOU WERE SLEEPING Colorado Supreme Court, in landmark ruling, bans Trump from state’s ballot A divided Colorado Supreme Court on Tuesday [declared former President Donald Trump ineligible for the White House under the US Constitution’s insurrection clause]( and removed him from the state’s presidential primary ballot, setting up a likely showdown in the nation’s highest court to decide whether the front-runner for the GOP nomination can remain in the race. England beat West Indies to set up T20 series decider Phil Salt smashed a superb 119 from just 57 balls as [England beat West Indies by 75 runs]( to level their Twenty20 international series 2-2 and set up a decider on Thursday. Jackson wants BOJ to implement minimum service standards for ATMs amidst complaints Member of Parliament for St Catherine Southern, the People’s National Party’s Fitz Jackson has asked the Bank of Jamaica to [consider implementing minimum service standards for Automated Teller Machines]( (ATMs). CLOVIS TOON TODAY IN HISTORY Neville Willoughby dies after car crash On this day in 2006, renowned Jamaican radio broadcaster Neville Willoughby dies following a motor vehicle accident. For more stories, visit our website at www.jamaicaobserver.com or [sign up for our e-paper](. [Twitter]( [Facebook]( [Website]( Copyright © 2023 Jamaica Observer, All rights reserved. Our mailing address is: 40 - 42 1/2 Beechwood Avenue Kingston 5 Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](.