Dr. Nigel Clarke
Finance Minister, Dr. Nigel Clarke, says the Joint Select Committee of Parliament's review of the Bank of Jamaica (Amendment) Act is far advanced.
He expects the amended Bill will be tabled in the House of Representatives this quarter and passed before the next financial year.
The Joint Select Committee, which is chaired by Dr. Clarke, was established last year to consider and report on the Act.
The Bill seeks to clarify the mandate of the Central Bank, while giving it autonomy and independence in law, in the implementation of monetary policy.
In addition, the legislation seeks to ensure that the Central Bank is adequately capitalised at all times.
Concerning the Fiscal Council, the Finance Minister expects to table legislation by April next year.
The Council will absorb the current funtions of the Economic Programme Oversight Committee, (EPOC).
An agreement was signed on Thursday for the EPOC to continue monitoring Jamaica's economic reform programme after the country's precautionary stand-by arrangement with the International Monetary Fund ends in November.
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