THE freshly released annual report of the Bank of Jamaica (BOJ) chronicles the administrative changes which have been implemented one year after the Bank of Jamaica (Amendment) Act, 2020 took effect.

The amended Act allows the central bank to operate independently of the Ministry of Finance while it seeks to monitor price and financial system stability.

 

The consequence is that the minister of finance can no longer issue directions on monetary policy, given the BOJ now has operational independence.

 

In the last year, the new report shows the responsibilities of the board of directors were strengthened to include oversight of the statutory committees of the bank to ensure that these committees effectively discharge their statutory mandates while not interfering with the committees’ decision-making functions.

https://www.jamaicaobserver.com/business-observer/staggered-board-arrangements-implemented-at-boj-to-prevent-political-interference_247863