• CIBC FirstCaribbean yesterday said it was “business as usual” for its Bahamas operations despite its move to exit five smaller regional jurisdictions. 
• In a sign that the Canadian-owned commercial bank has reverted to ‘Plan B’ following the February 2021 break-up of its deal to sell a controlling 66.73 percent equity stake to the Colombia-headquartered GNB Financial Group, CIBC announced that it has agreed to sell its operations in St Vincent, Grenada, Dominica and St. Kitts to a consortium of local banks. 
• They are The Bank of St. Vincent and the Grenadines; Grenada Co-Operative Bank; National Bank of Dominica; and St Kitts Nevis Anguilla National Bank. In addition, Aruba bank is acquiring its assets in that nation, with all transactions subject to regulatory approval. 
• Colette Delaney, CIBC’s chief executive, said in a statement: “These transactions enable FirstCaribbean to optimise and simplify its business, further enhance efficiency and focus on core markets to accelerate growth”.

(Source: The Tribune)

• The Federal Reserve could begin reducing the pace of its monthly asset purchases as soon as mid-November, according to minutes from the September meeting. 
• The summary, released Wednesday, indicated the tapering process could see a monthly reduction of $10 billion in Treasurys and $5 billion in mortgage-backed securities. The target date to end the purchases should there be no disruptions would be mid-2022. 
• In the “dot plot” of individual members’ expectations for interest rates, the committee indicated it could begin raising interest rates as soon as 2022. Markets currently are pricing in the first rate hike for next September, according to the CME FedWatch tool. Following the release of the minutes, traders increased the likelihood of a September hike to 65% from 62%.

(Source: CNBC News)

• Fitch Solutions, believes that the IMF’s latest economic forecasts present an overly optimistic look at EMs’ economic recovery in 2021. Instead, it expects that growth in key EMs including Chile, Turkey, Vietnam and Malaysia will fall far below the Fund’s expectations. 
• The IMF’s forecasts for 2022 are closer to Fitch’s, though, Fitch is a bit more optimistic about Chile and Vietnam and more pessimistic about Indonesia and Hungary. 
• Both Fitch and the IMF are of the view that EM inflation will ease in 2022 and over the coming years.

(Source: Fitch Solutions)

• Fitch Solutions, believes that the IMF’s latest economic forecasts present an overly optimistic look at EMs’ economic recovery in 2021. Instead, it expects that growth in key EMs including Chile, Turkey, Vietnam and Malaysia will fall far below the Fund’s expectations. 
• The IMF’s forecasts for 2022 are closer to Fitch’s, though, Fitch is a bit more optimistic about Chile and Vietnam and more pessimistic about Indonesia and Hungary. 
• Both Fitch and the IMF are of the view that EM inflation will ease in 2022 and over the coming years.

(Source: Fitch Solutions)

• Fitch Solutions, believes that the IMF’s latest economic forecasts present an overly optimistic look at EMs’ economic recovery in 2021. Instead, it expects that growth in key EMs including Chile, Turkey, Vietnam and Malaysia will fall far below the Fund’s expectations. 
• The IMF’s forecasts for 2022 are closer to Fitch’s, though, Fitch is a bit more optimistic about Chile and Vietnam and more pessimistic about Indonesia and Hungary. 
• Both Fitch and the IMF are of the view that EM inflation will ease in 2022 and over the coming years.

(Source: Fitch Solutions)

• Fitch Solutions, believes that the IMF’s latest economic forecasts present an overly optimistic look at EMs’ economic recovery in 2021. Instead, it expects that growth in key EMs including Chile, Turkey, Vietnam and Malaysia will fall far below the Fund’s expectations. 
• The IMF’s forecasts for 2022 are closer to Fitch’s, though, Fitch is a bit more optimistic about Chile and Vietnam and more pessimistic about Indonesia and Hungary. 
• Both Fitch and the IMF are of the view that EM inflation will ease in 2022 and over the coming years.

(Source: Fitch Solutions)

• Fitch Solutions, believes that the IMF’s latest economic forecasts present an overly optimistic look at EMs’ economic recovery in 2021. Instead, it expects that growth in key EMs including Chile, Turkey, Vietnam and Malaysia will fall far below the Fund’s expectations. 
• The IMF’s forecasts for 2022 are closer to Fitch’s, though, Fitch is a bit more optimistic about Chile and Vietnam and more pessimistic about Indonesia and Hungary. 
• Both Fitch and the IMF are of the view that EM inflation will ease in 2022 and over the coming years.

(Source: Fitch Solutions)

• Fitch Solutions, believes that the IMF’s latest economic forecasts present an overly optimistic look at EMs’ economic recovery in 2021. Instead, it expects that growth in key EMs including Chile, Turkey, Vietnam and Malaysia will fall far below the Fund’s expectations. 
• The IMF’s forecasts for 2022 are closer to Fitch’s, though, Fitch is a bit more optimistic about Chile and Vietnam and more pessimistic about Indonesia and Hungary. 
• Both Fitch and the IMF are of the view that EM inflation will ease in 2022 and over the coming years.

(Source: Fitch Solutions)

• Approximately 350,000 Jamaicans are expected to benefit from new grants under the Government’s COVID Allocation of Resources for Employees (CARE) Programme which is being expanded with a further budgetary allocation of $5.3Bn. 
• Over a period of six months, one-off grants, ranging from $10,000 to $18,000 will be provided for vulnerable persons in six categories at a total cost of $3.75Bn. Clarke noted that the interventions have to be targeted to those who need it most. Everyone is affected but in the interest of social cohesion, the Government is assisting those who are most in need. 
• One group to benefit is the set of unemployed persons, who had previously received grants under the Supporting Employees with Transfer of Cash (SET Cash) component and who remain out of work as of September 30, 2021. The SET Cash component of the CARE Programme caters to employees, who have either been laid off or had their jobs terminated as of March 10, 2020, due to economic challenges resulting from the coronavirus pandemic. 
• The CARE Programme forms part of the Social and Economic Recovery and Vaccine (SERVE) Jamaica Programme, which will be the foundation for the country’s economic revival.

(Source: JIS News)

• The National COVID-19 Vaccination Operationalization Task Force has presented its preliminary findings and recommendations to Prime Minister, the Most Hon. Andrew Holness, and Minister of Health and Wellness, Dr. the Hon. Christopher Tufton. 
• The mandate of the Task Force is to examine and optimise the operational and logistical aspects of the national vaccination programme from end to end. Some of the areas of focus include the improvement of the operation of vaccination sites, the development of strategies to recruit suitable personnel to enhance the delivery of vaccination services, engaging with various stakeholders to encourage and facilitate participation, and to make recommendations for an internationally accepted authentication of Jamaica’s vaccine delivery systems. 
• The task force, which is chaired by President and Chief Executive Officer of the Port Authority of Jamaica, Professor the Hon. Gordon Shirley, is currently finalising its first full report. A commitment has been given for the report to be submitted by the week of October 18-22, following which, the Task Force has indicated a willingness to engage with the public to discuss its recommendations. 
• The report will provide recommendations for expanding access, mitigating vaccine hesitancy, and improving the seamlessness of the national vaccination programme. Based on the need for urgent action, the Task Force has adopted an agile approach of systematically monitoring and evaluating the vaccination programme and has been providing the Ministry of Health & Wellness with critical evidence-based recommendations, which have contributed to improving accessibility and making the experience more seamless. 
• The aim is that upon implementation of these recommendations, the speed of take up of vaccines will increase to progress the country’s vaccination numbers forward to foster a reduction in infection rates and support an easing of restrictions to boost economic activity. Currently 18.7% of the population has received at least one dose of a vaccine.

(Source: JIS News & NCBCM Research)