Dr Damien King Welcomes Plans to Make the Bank of Jamaica Independent of Political Interference

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Jamaica News, Kingston: Economist Damien King has welcomed plans to make the Bank of Jamaica independent of political interference.

Dr King said “for some time now, Bank of Jamaica, whose behaviour influences the inflation rate, has been in practice independent of government influence, so the move to make it institutionally independent may not seem important. But it’s crucial! It embeds low inflation and with it exchange rate moderation.”

He was responding to announcements by Finance Minister Dr Nigel Clarke at the BOJ Thursday.

Dr Clarke outlined plans to modernize and reform the Central Bank so that the Minister of Finance will no longer have the ability to give directions on monetary policy. This move to give the Central Bank monetary policy independence means that

the political directorate can no longer pressure the central bank to sell and squander precious, hard-earned reserves to artificially fix the level of the currency in responses to anxiety.

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