The government has set up a technical committee to advise on whether it should again hedge oil.

This, as a means of protecting the country against possible high oil prices.

Bank of Jamaica Governor, Brian Wynter, made the disclosure during a recent interview with Nationwide’s Kalilah Reynolds.

The Central Bank Governor says a technical committee has been set up to review the government’s options regarding hedging.

He says the committee is chaired by a senior official at Petrojam, whom he didn’t name.

It also includes representatives of the Ministry of Finance, the BOJ, and the Development Bank of Jamaica.

Mr. Wynter says it’s all about risk management.

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Eyebrows were raised last week when Mr. Wynter and Financial Secretary Everton McFarlane made presentations about oil hedging, before Parliament’s Public Administrations and Appropriations Committee.

But Mr. Wynter is reiterating the government’s position that no decision has yet been made.

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Meanwhile, the precautionary Standby Agreement with the IMF — which is expected to be approved by the Executive Board of the Fund next month — will also have an impact on the decision.

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