Govt Tables Legislation to Make Central Bank Independent

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Finance Minister Dr. Nigel Clarke, has tabled legislation to make the Bank of Jamaica, BOJ, fully independent from political interference.

Dr. Clarke in addressing the House of Representatives this afternoon says the Bank of Jamaica Amendment Act 2018 will introduce greater transparency to the institution.

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Dr. Clarke says the Central Bank is integral to Jamaica’s fiscal policy and should be freed of the whims of the government of the day. He says the change will allow the Central Bank to focus on ensuring low and stable inflation as its ultimate goal.

Dr. Clarke argues this is the single most important reform in recent years.

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The legislation is to be sent to a Select Committee of the House for deliberation.

Meanwhile, Opposition Spokesman on Finance, Mark Golding, says the legislation forms a plank in ensuring the sacrifice of Jamaicans to bring the country’s massive debt under control is not wasted.

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