THE Bank of Jamaica (Amendment) Act, 2020 aimed at modernising and strengthening the operations of the central bank by improving its governance was approved in the Senate during its sitting last Friday.

Minister without portfolio in the Ministry of Economic Growth and Job Creation Senator Aubyn Hill, who piloted the Bill, said the amendment of The Bank of Jamaica (BOJ) Act “is an important step to modernise the BOJ through clarification of its mandate and enhancement of its governance structure”.

“The amendments seek to bring greater independence to the BOJ in its operations and policy decision-making process, while at the same time ensuring, importantly, transparency and accountability through adequate governance arrangements,” he said.

The Bill was first tabled in the House of Representatives in 2018 and was subsequently referred to a joint select committee of Parliament, chaired by Minister of Finance and the Public Service Dr Nigel Clarke, which deliberated on the Bill.

http://www.jamaicaobserver.com/news/senate-approves-bill-to-strengthen-operations-of-boj_209367