• According to data shared by the Bank of Jamaica (BOJ), the stock of Jamaican currency rose to J$322.3Bn in 2025, up 12.7%, relative to an annual growth of 3.1% at the end of December 2024.
• The annual jump reflects the impacts of Hurricane Melissa on precautionary cash demand, increased remittance receipts and an uptick in inflation. A post-Beryl economic rebound up to September 2025 also contributed to higher levels of the currency stock. Most notably, the stock increased for December, particularly the last five workdays (23rd to 31st), when the net amount issued by BOJ increased by J$13.1Bn.
• When adjusted for inflation, the real value of the JMD stock is estimated to have grown by 7.1% annually, compared to a 1.8% decline in 2024.
• The BOJ issues and redeems notes and coins daily in order to meet the demand for cash from individuals and businesses. There is normally a stronger demand for currency during the month of December, associated with increased spending over the holiday period.
• However, notwithstanding the increase, the BOJ anticipates that the majority of the currency issued during December 2025 will be redeemed during January 2026. For the last five years, net currency redemption in January averaged 68.8% of the net currency issued in the preceding month. This suggests limited lasting inflationary or liquidity impact from the December cash expansion.
• Looking ahead, broad money¹ is projected to grow at an average annual rate of 7.8% over the next eight quarters, slightly below the previous projection of 8.2%. The projected growth in broad money reflects moderations in currency in circulation and local currency deposits, reflective of the anticipated moderations in economic activity over the next eight quarters following Hurricane Melissa.

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¹Broad money, as tracked by the BOJ, is a comprehensive measure of the money supply in Jamaica, including highly liquid "narrow money" (cash and checking accounts) plus less liquid assets like savings deposits, fixed deposits (time deposits), and foreign currency deposits that can be easily converted to cash, giving a fuller picture of total money available for spending and investment in the economy.

(Source: BOJ)

• On January 6, 2026, Mark Myers, Director of Cornerstone Financial Holdings Limited (Cornerstone) and Chairman of Barita Investments Limited (Barita), announced in a press release on the Jamaica Stock Exchange (JSE) that Barita has received regulatory approval regarding its proposed acquisition of 100% of the issued share capital of JN Fund Managers Limited (JNFM).
• JNFM, founded in 1996, is a full-service investment banking and asset management firm owned by the Jamaica National Group, one of the largest and oldest mutually owned financial services groups in the Caribbean. Upon completion, the transaction is expected to increase Barita’s assets under management to over J$500Bn, as JNFM is integrated into Barita’s operating platform, while enhancing product diversity, efficiency and customer service for clients of the combined entity.
• The acquisition further diversifies Barita’s business model through meaningfully broadening its customer base and enhancing its institutional asset management and, therefore, fee income-generating capabilities, particularly in pension fund management and long-term mandates.

(Source: JSE)

• Guyana’s Minister of Natural Resources, Vickram Bharrat, has assured that offshore oil and gas exploration activities continue without a hitch. The assurance comes amid heightened geopolitical tensions in the region following the capture of Venezuelan President Nicolás Maduro by U.S. military forces over the weekend. 
• Bharrat confirmed on January 4 that there is “no disruption” to ExxonMobil’s operations in the Stabroek Block.  Authorities are closely monitoring developments to safeguard Guyana’s energy sector and national interests.
• On Monday, January 5, Maduro and his wife, Cilia Flores, entered not guilty pleas to several charges in their first court appearance in New York after being captured in a US military operation on January 3.
• The Venezuelan leader and his wife were flown out of the country as part of a “large-scale U.S. strike”, President Donald Trump reported on the Truth Social network last weekend. The developments triggered security responses across the region, particularly in Guyana. Back in March 2025, Guyana deployed air assets and mobilised its Coast Guard in the exclusive economic zone (EEZ) after a Venezuelan navy ship entered the area. The country has been on high alert since then. 
• In an address to the nation on December 3, Guyana’s Commander-in-Chief, President Dr Irfaan Ali, assured Guyanese that the country’s security mechanisms are fully mobilised and the government is closely monitoring developments in the Spanish-speaking nation. 
• Guyana and Venezuela are currently embroiled in a territorial controversy with an ongoing case at the International Court of Justice (ICJ). The case centres on the 1899 Arbitral Award, which legally determined the boundary between the two countries. Venezuela, after accepting the boundary for decades, declared the award null and void in 1962 and has since claimed over two-thirds of Guyana’s territory in the Essequibo region. 

(Source: OIL Now)

• Barbados is already experiencing tangible fallout from the escalating crisis in Venezuela, Prime Minister Mia Mottley said on Saturday, as flight disruptions, cruise challenges and concerns over stranded travellers emerged within hours of the US military operation in Caracas.
• Speaking during a press conference at Ilaro Court, Mottley described developments in Venezuela as “uncharted territory” and warned that the consequences long predicted for small states were now being felt in real time.
• Among the most immediate impacts were disruptions to air travel, with 13 scheduled inbound flights cancelled overnight, all of which had been fully booked. The prime minister said US-registered flights were particularly affected after airspace restrictions were imposed across parts of the eastern and southern Caribbean.
• Mottley said regional air travel continued largely uninterrupted but cautioned that the situation remained under close review as countries monitored developments in Venezuela and neighbouring airspace.
• As one of the closest major tourism hubs to Venezuela, the PM noted that the country was also managing knock-on effects at sea. Four cruise ships were already in port on Saturday, with a fifth expected for maintenance and repairs. She said port capacity for overnight berthing had been reviewed and deemed manageable in the short term, though some vessels may need to anchor offshore and rely on tenders.
• An estimated 2,000 cruise passengers could be affected by flight disruptions, she said, while 73 people were directly impacted by the cancellation of a Conviasa flight that had been scheduled to return to Caracas.

(Source: Barbados Today)

• Federal Reserve Governor Stephen Miran, whose term at the U.S. central bank ends later this month, has highlighted that aggressive U.S. interest rate ​cuts are needed this year to keep the economy moving forward.
• "I think policy is ‌clearly restrictive and holding the economy back," Miran said in an interview with the Fox Business channel. He noted that the underlying inflation is basically at the Fed's 2% target, and he expects the economy to grow robustly this year, arguing that a failure by the Fed ⁠to lower short-term borrowing costs could ‌upend that outlook.
• He is controversially serving at the Fed while on leave from his role as a top economic advisor to President Donald Trump, who has ‍repeatedly pressed the central bank to deliver big rate cuts. The Fed lowered its benchmark overnight interest rate by three-quarters of a percentage point last year, including a 25-basis-point cut in December that left the rate in ​the 3.50%-3.75% range.
• Miran dissented against that move in favour of a 50-basis-point cut. He has ‌used his time at the Fed to argue that huge changes in immigration related to the Trump administration's crackdown on immigrants will help lower inflation, and that the Fed needs to get ahead of that development by cutting rates. The Fed lowered rates three times last year to help offset rising job market weakness. Many of its policymakers, however, are still wary of inflation that remains well above the ⁠2% target, largely due to Trump's aggressive tariff hikes.
• Fed officials ​have currently pencilled in one rate cut for this year. ​Philadelphia Fed President Anna Paulson, who is a voting member of the rate-setting Federal Open Market Committee this year, said on Saturday that "some modest further adjustments to ‍the policy rate would likely ⁠be appropriate later in the year" if her economic expectations are realised.

(Source: Reuters)

• The euro zone economy expanded at a slower pace last month but ended 2025 with its strongest quarterly growth in more than two years as solid momentum in services offset a manufacturing contraction, a ⁠survey showed today. While manufacturing activity shrank, persistent growth in services kept the common currency bloc in a steady expansion last year, even in the face of US tariffs on European imports.
• HCOB's final composite Purchasing Managers' Index for the bloc, compiled by S&P Global ‍and seen as a good gauge of overall economic health, eased to 51.5 in December from November's 30-month high of 52.8, below a preliminary estimate of 51.9.
• That finish healthily above the 50-mark, which separates growth from contraction, meant the economy expanded every month in 2025, a streak not seen since 2019. The fourth-quarter average PMI reading of 52.3 was the highest since the second quarter of 2023. New orders expanded for the fifth month in a row but ⁠at the weakest pace since September, with the manufacturing sector showing a quicker decrease in new factory orders while services companies reported softer sales growth.
• Meanwhile, The services business activity index ⁠eased ‍to 52.4 from November's two and a half year high of 53.6. Spain was the standout performer with its composite index rising to a two-month high, while Germany's expansion moderated to a four-month low. Italian ‍business barely grew, and French private sector activity stagnated. Meanwhile, input cost inflation accelerated to a ⁠nine-month high with intensifying price pressures across both sectors, though output price inflation remained unchanged from November.
• Overall employment growth ticked slightly higher ⁠from November, though it remained marginal due to continued manufacturing job cuts.

(Source: Raidió Teilifís Éireann Media (RTE))

• TransJamaican Highway Limited (TJH) is set to redeem up to 15% of its 8.0% JMD Cumulative Redeemable Preference Shares on January 22, 2026, following a 5% redemption in July 2025.
• The redemption is scheduled for the sixth anniversary of the preference shares’ issue date. This follows TJH’s earlier commitment to limit optional redemptions to a maximum of 15% this year of its preference share, originally issued in January 2020 for US$27Mn.
• Payment of the redemption amount will be made on January 30, 2026, to eligible Preference Shareholders through the Jamaica Central Securities Depository Limited (JCSD).
• TJH has the option, but not the obligation, to redeem up to 20% of the principal amount on the 6th, 7th, 8th and 9th anniversaries of the issue date, with interim redemptions being executed but limited to a maximum of 20% per anniversary year.
• Offering a fixed dividend of 8%, these preference shares are scheduled to mature over eight years by January 2028. An earlier redemption of the preference shares, however, frees up more cash for TJH to pay to its ordinary shareholders. Furthermore, the redemption reflects TJH’s ongoing deleveraging strategy, as reducing outstanding preference shares lowers the company’s fixed dividend commitments and strengthens its capital structure. By funding these redemptions within the limits set at issuance, TJH is using its improved cash flow and balance sheet capacity, given its robust operational performance, to gradually reduce higher-cost capital while maintaining financial flexibility.

(Sources: JSE and NCBCM Research)

• S. President Donald Trump said American oil companies will move to invest heavily in Venezuela’s oil sector, hours after Washington announced the capture of Venezuelan President Nicolás Maduro following U.S. military strikes. In a public address, Trump said U.S. oil majors would “go in, spend billions of dollars, fix the badly broken infrastructure and start making money for the country.” He added that Venezuela had been producing far below its potential.
• Trump also asserted that the United States had historically built Venezuela’s oil industry, claiming that the “socialist regime stole it”, which he described as one of the largest thefts of American property in U.S. history.
• The comments followed the announcement that Maduro had been captured during early-morning strikes on January 3. U.S. Attorney General Pam Bondi said Maduro has already been indicted in the Southern District of New York on several counts, including narco-terrorism conspiracy, cocaine importation conspiracy, and weapons-related charges.
• Washington has long accused Maduro of running a narco-state and rigging the 2024 election, which the opposition claims it won. The developments triggered regional security responses almost immediately.
• Guyana went on alert, with President Irfaan Ali convening an emergency meeting of the Defence Board and national security officials. Police and military units were deployed near the border. At the regional level, Caribbean Community leaders also met to assess possible spillover risks. Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar said her country supported U.S. pressure on Venezuela but played no role in the military operation.

(Source: OIL Now)

• The capture of Venezuelan President Nicolás Maduro by U.S. military forces unleashed a serious diplomatic crisis in the Community of Latin American and Caribbean States (CELAC).
• What was intended to be an emergency session called by Colombia and Brazil to condemn foreign intervention instead exposed a sharply divided region, unable to reach a unified position on Washington’s military operation.
• At the centre of the split, the Dominican Republic aligned with a bloc of ten countries, led by Argentina, that blocked consensus on rejecting the U.S. action. The bloc – comprising Argentina, the Dominican Republic, Paraguay, Peru, Bolivia, Costa Rica, Ecuador, El Salvador, Panama, and Trinidad and Tobago – reportedly plans a joint statement that would validate Maduro’s arrest, citing allegations of transnational narcoterrorism, according to diplomatic sources and reports from Infobae.
• This position marks a turning point for Dominican foreign policy, signalling a departure from its traditionally cautious stance in multilateral forums. On the opposing side, a progressive bloc including Mexico, Brazil, Chile, Honduras, Cuba, and Nicaragua warned that the operation sets a dangerous precedent by violating national sovereignty.
• The divide even extends within countries, such as Chile, where outgoing President Gabriel Boric condemned the action while president-elect José Antonio Kast praised it. With Venezuela politically destabilised and CELAC unable to issue a joint response, the organisation’s silence has become a powerful symbol of Latin America’s growing fragmentation.

(Source: Dominican Today)

• Bank of Japan (BoJ) Governor Kazuo Ueda said on Monday the central bank will continue to raise interest rates if economic and price developments move in line with its forecasts. Japan's economy sustained a moderate recovery last year despite the hit to corporate profits from higher U.S. tariffs, Ueda said in a speech delivered to the country's banking sector lobby.
• "Wages and prices are highly likely to rise together moderately," Ueda said, adding that adjusting the degree of monetary support will help the economy achieve sustained growth.
• The BOJ raised its policy rate to a 30-year high of 0.75% from 0.5% last month, taking another landmark step in ending decades of huge monetary support and near-zero borrowing costs.
• Despite the move, Japan's real borrowing costs remain deeply negative with consumer inflation exceeding the BOJ's 2% target for nearly four years. Markets are focusing on the BOJ's quarterly outlook report due at its policy meeting on January 22-23, for clues on how the board views the inflationary impact from recent yen falls.
• The yen's weakness has pushed up import costs and broader inflation, prompting some board members to call for further, steady rate hikes. The dollar rose 0.2% to ¥157.08 after reaching ¥157.255 for the first time since December 22.
• Market expectations of further BOJ rate hikes have pushed up yields, with those on the benchmark 10-year Japanese government bond (JGB) briefly hitting a 27-year high of 2.125% on Monday. Speaking before the same banking lobby, Finance Minister Satsuki Katayama said Japan was at a critical stage of shifting to a growth-driven economy, from one mired in deflation.

(Source: Reuters)