Kingston, Jamaica: April 15, 2021
The Minister of Finance and the Public Service, Dr. Nigel Clarke, issued the following statement:
"The Bank of Jamaica (Amendment) Act, 2020 ("the Act") takes effect on Friday April 16, 2021. With effect from this date, Jamaica's central bank will be operationally independent; with its principal objectives being the maintenance of price stability and financial system stability with the primary objective being the maintenance of price stability. With effect from Friday, April 16, the Minister will no longer have the power to issue directions on monetary policy, and, as such, the Bank of Jamaica ("BOJ") will unambiguously have operational independence in the implementation of monetary policy.