Why the BoJ can’t deliver growth – Pt IV Posted on March 20, 2009March 20, 2009 by Your Financial FactSheet Jamaica Gleaner: “Why the BoJ can’t deliver growth – Pt IV” The accumulation of our net international reserves (NIR), because of its direct link to an ever expanding ’emergency’ import index, and being funded by expensive ‘open market’ instruments/liabilities, if continued, will result in further financial burdens and operational inefficiences for the central bank. Jamaica Observer: “Standard and Poor’s downgrade final warning of Jamaica’s need to make tough decisions” Late Wednesday afternoon, on the 18th of March, international rating agency Standard & Poor’s lowered both Jamaica’s long-term foreign and local currency sovereign credit ratings on Jamaica by one notch to ‘B-‘ from ‘B’, and lowered our short-term ratings a notch to ‘C’ from ‘B’. Jamaica Observer: “What caused the global financial meltdown?” The global financial meltdown that began with errors made by US finance houses has transmuted into a global economic crisis, which will have an impact upon most people. Its cause cannot be primarily put down to the shortcomings of mortgage-backed securities or CDOs for that matter, but a number of factors all acting in concert to create a perfect storm.