JIS News

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  • The Bank of Jamaica (BOJ) says prospects for the Jamaican economy remain positive, as economic growth continues underpinned by rising employment.
  • This positive outlook was given by Bank of Jamaica (BOJ) Governor, Brian Wynter, at the Bank’s quarterly press conference held on Tuesday (May 21).
  • “Foreign reserves are adequate and we have a sustainable position in the current account of the balance of payments. Fiscal performance is strong and Jamaica is shedding its burdensome debt load at an admirable rate. Inflation is low, stable and predictable,” Mr. Wynter said.

The Bank of Jamaica (BOJ) says prospects for the Jamaican economy remain positive, as economic growth continues underpinned by rising employment.

This positive outlook was given by Bank of Jamaica (BOJ) Governor, Brian Wynter, at the Bank’s quarterly press conference held on Tuesday (May 21).

“Foreign reserves are adequate and we have a sustainable position in the current account of the balance of payments. Fiscal performance is strong and Jamaica is shedding its burdensome debt load at an admirable rate. Inflation is low, stable and predictable,” Mr. Wynter said.

He noted, however, that the economy “continues to operate below its potential,” pointing to spare capacity “that can be used for the production of goods and services, but is not being used”.

Mr. Wynter said consequent on this, the BOJ believes there is room to accommodate more growth, “without compromising our ability to meet the inflation target”.

Against this background, he said the Central Bank will maintain an accommodative monetary stance to support a faster return of inflation to the centre of the four to six per cent target in the period after March 2020.
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