Review of Bank of Jamaica Act 2018 Far Advanced

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the Joint Select Committee of Parliament’s review of the Bank of Jamaica (Amendment) Act 2018 is far advanced.

“I expect the amended Bill to be tabled in the House in this quarter and to be passed definitely before the next financial year. As far as the Fiscal Council is concerned, I expect to be able to table legislation on that by April of next year,” Dr. Clarke said.

The Minister was speaking at the signing of a Memorandum of Understanding between the Government and the Economic Programme Oversight Committee (EPOC) to extend domestic monitoring of Jamaica’s economic reform programme (ERP).

The MoU was signed during a ceremony held at the Ministry’s National Heroes Circle Offices on August 22.

EPOC will continue in a monitoring role until the Central Bank and the Fiscal Council policy commitments are operationalised.

A Joint Select Committee of Parliament, chaired by Dr. Clarke, was established to consider and report on the Bank of Jamaica (Amendment) Act in 2018.

The Bill seeks to clarify the mandate of the Central Bank, while giving the Bank autonomy and independence in law, in the implementation of monetary policy.

In addition, the legislation seeks to ensure that the Central Bank is adequately capitalised at all times.