New Bank of Jamaica Act grants legal independence

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The Jamaican Senate has approved new legislation aimed at granting the Bank of Jamaica greater independence, including the creation of a monetary policy committee.

On December 4, minister for economic growth and job creation Aubyn Hill said the amendments made to the Bank of Jamaica Act were an “important step” towards modernising the central bank.

“The amendments seek to bring greater independence to the [central bank] in its operations and policy decision-making process, while at the same

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