BOJ Governor Says Slow Jam-Dex Rollout Disappointing As Coffee Sector Warns Of Job Losses

Bank of Jamaica Governor Richard Byles has voiced frustration that Jam-Dex, Jamaica’s digital currency, has not become a regular payment option despite years of promotion and its role in the push to modernise financial access.

Speaking at the BOJ’s recent quarterly press briefing, Byles said cash continues to dominate much of the informal economy. He said the central bank has been pressing commercial banks to upgrade point-of-sale systems, adding: “We continue to knock at the door of the commercial banks to get their point of sale machines retrofitted. and I would note that as a disappointment that it has taken us years to get the banks to make that transition.”

In agriculture, Jamaica Coffee Exporters Association president and Mavis Bank Coffee Factory managing director Dr Norman Grant warned that the coffee sector could see major job losses without urgent state intervention. He told RJR News that production is expected to decline to a 35-year low of 155,000 boxes this year, compared with 225,000 boxes in 2024 and 288,000 boxes in 2023. Grant said the downturn has already cost the industry’s 5,000 farmers about $1.5 billion, with a further $2.5 billion in losses linked to reduced output.

Grant again urged the Government to provide the $350 million a year requested under the crop rotation and expansion programme, which he said the industry has sought for five years.

On the stock market, the most active securities for June 2, 2026, were One-on-One Educational Services Limited, with 129,716,043 units or 69.89 per cent of market activity; Kentaya Holdings Jamaica Limited, with 38,043,075 units or 20.69 per cent; and Wigton Energy Limited, with 3,642,892 units or 1.96 per cent.

Bank of Jamaica foreign exchange data for June 2 showed continued demand for major currencies. The US dollar was sold at $157.30 and bought at $158.78, while the Canadian dollar sold for $115.51 and was bought at $113.15. The British pound sold for $214.84 and was bought at $206.41, reflecting an $8.43 spread.

Small business owners were also advised to use the second month of a 90-day credit road show to build relationships with banks, credit unions and other financiers as they prepare for working capital, equipment loans, commercial mortgages, expansion financing or overdraft support.