Jamaican law increases central bank independence
New act gives rate-setting responsibility to monetary policy committee
A new law governing Jamaica’s central bank came into effect on April 16, aimed at guaranteeing it greater independence from the country’s government.
It also transfers the power to set monetary policy from the governor to a new monetary policy committee.
The law establishes the Bank of Jamaica’s first mandate as price stability, with a secondary mandate to secure financial stability.
The law now formally prohibits the finance minister from dictating monetary policy, although these decisions
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