Bank of Jamaica outlines plans to become ‘modern’ central bank

Bank of Jamaica: plans to implement a ±3.5% band around a central inflation target of 5.5%

The Bank of Jamaica is to undergo an ambitious reform process this year as it attempts to align itself with international best practice and become “a more modern central bank”.

In a communication published by the International Monetary Fund (IMF) on April 18, Jamaica’s central bank announced inflation-targeting and foreign exchange liberalisation at the top of its agenda for 2017.

Responding to the fund’s financial support in a ‘letter of intent’, Jamaican authorities said the central bank pla