JIS News

Story Highlights

  • A Joint Select Committee of Parliament has been established to consider and report on the Bank of Jamaica (Amendment) Act 2018.
  • The Committee will be chaired by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke.

A Joint Select Committee of Parliament has been established to consider and report on the Bank of Jamaica (Amendment) Act 2018.

The Committee will be chaired by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke.

Other members include Minister of Justice, Hon. Delroy Chuck; Minister without Portfolio in the Ministry of Finance and the Public Service, Hon. Fayval Williams; State Minister in the Ministry of Education, Youth and Information, Hon. Floyd Green; and members of Parliament, Mark Golding; Leslie Campbell; Peter Bunting; and Dr. Wykeham McNeill.

The Senate will announce its members shortly.

In his remarks, the Finance and the Public Service Minister noted that the legislation seeks to modernise the Bank of Jamaica (BOJ), in keeping with international best practices.

“The Bill seeks to improve the governance of the Central Bank, to strengthen and deepen the governance; and, very importantly, seeks to introduce transparency to monetary policy decisions and monetary policy actions of the Central Bank,” Dr. Clarke said.

He was speaking in the House of Representatives on Tuesday (October 23), where the legislation was tabled.

Dr. Clarke said the Bill seeks to clarify the mandate of the Central Bank, adding that it gives the Central Bank autonomy and independence in law in the implementation of monetary policy.

The Bill also seeks to ensure that the Central Bank is adequately capitalised at all times.

For his part, Opposition Spokesperson on Finance, Mark Golding, noted that the tabling of the legislation represents another step to modernise the financial architecture of the country.