Co-Chairman of the Economic Programme Oversight Committee, EPOC, Keith Duncan, is reiterating its support for a flexible exchange rate and inflation targeting within the context of a modernized, resourced and autonomous Central Bank.
His comments follow robust discussion in recent times among stakeholders calling for the anchoring of the Jamaican dollar to the US dollar.
Mr. Duncan says EPOC welcomes the local debate on the volatility of the foreign exchange rate as well as demands for the fast tracking of critical reforms to bring about transparency and price discovery to the foreign exchange market.
The EPOC Co-Chairman says among the transformative measures to be implemented is a foreign exchange market trading platform, which he says is behind its targeted March 2019 implementation date.
Keith Duncan, Co-Chairman of EPOC, speaking earlier this week at a media briefing on the results of the IMF’s fifth review under the Economic Stand-by Arrangement.
He’s also urging the government, the Central Bank and other financial stakeholders to move with alacrity in delivering these reforms to ensure a transparent foreign exchange market, which he says will reduce volatility.
Mr. Duncan’s also calling for the completion of the industry consultation around benchmarks and pricing approaches for foreign exchange forward contracts which were also set for March 2019.
Meanwhile, the EPOC Co-Chairman is calling for the implementation of the controversial National Identification Systems, NIDS.
He says the long overdue national ID system would facilitate easier business transactions across the country.
Mr Duncan also says the world is moving ahead and Jamaica runs the risk of being stuck in the dark ages.