The Bank of Jamaica has distributed $1.5m in central bank digital currencies to authorised institutions.

Caribbean lenders still face challenges to growth, as shown in The Banker's Top 50 Caricom Banks ranking for 2016, but many have turned the corner in terms of profits. 

Jamaica’s minister of finance Peter Phillips is working with the International Monetary Fund to implement reforms and stimulate economic growth in the Caribbean country.

Bank earnings across the Caribbean are down, as the region's lenders continue to struggle against a difficult economic backdrop. But there are still some bright spots, with a handful of banks managing to boost their asset base and retain impressive profitability.

Jamaica has turned a corner since its recession in 2010, say finance minister Peter Phillips and central bank governor Brian Wynter, thanks in no small part to its plans to restructure the country’s public debt and attract more cross-border investment.

Growing public debt, falling GDP rates and rising unemployment are casting a shadow over the Caribbean region. Banks are responding by raising capital and many are still delivering good returns.

While The Banker's Top 1000 World Banks ranking published every July gives an insightful and unique snapshot of the state of the global banking market, our ranking of those banks featuring just below the ranking gives an excellent indication of the way in which the market is heading, and which countries and regions are on the rise.