THE MONTHLY GLEANER | MARCH 9 - APRIL 8, 2023 | www.jamaica-gleaner.com | NEWS 4 WASHINGTON, DC: GOVERNOR OF the Bank of Jamaica, (BOJ) Richard Byles, has assured Jamaicans in the diaspora that the country’s financial systems remain stable and secure, and the banks remain adequately capitalised. He told members of the diaspora in the United States that “a major part of our efforts at the bank is to bring the level of price increases back within the target range of 4.0 per cent to 6.0 per cent.” Governor Byles, who was a guest on the monthly series ‘Let’s Connect with Ambassador Marks’, explained that “high levels of inflation negatively affect all Jamaicans, but especially the poor and fixed-wage earners”. He explained that “in addition to increasing the bank’s policy interest rate from 0.5 per cent before the pandemic to 7.0 per cent at present, we have intervened from time to time in the foreign exchangemarket to smooth out demand and supply and keep the Jamaican dollar relatively stable”. By doing so, he said, “we have limited the full impact of imported inflation that otherwise would have sent prices in Jamaica even higher”. “The good news is that our inflationcontrol policies seem to be working, and there is beginning to be some reduction in world food prices, which together with our efforts, has resulted in inflation moderating from 11.8 per cent in April 2022 to 8.1 per cent in January 2023. We project to return to the target 4.0 – 6.0 range by December this year,” Byles said. PRUDENTIAL SUPERVISION Turning to the well-publicised SSL fraud case, Byles said “the case of alleged fraud at a securities dealer in Jamaica has created bad publicity for the country and for all Jamaicans at home and abroad”. “This institution represents .05 per cent of the J$5trillionmanaged by the total Jamaican financial system. Nonetheless, small as it may be, it is a sign that we must redouble our efforts to supervise that sector even more closely,” Byles said. He advised that the Government “intends to change the system of regulation for financial institutions in Jamaica over the next two years. We will be moving from the current approach where BOJ is responsible for supervising only deposit-taking institutions (commercial banks, merchant banks, building societies), and the Financial Services Commission (FSC) supervising non-deposit-taking institutions (securities dealers, insurance companies and pension funds)”. Governor Byles told members of the diaspora that “under the new regulations, the BOJ will be responsible for prudential supervision for all financial institutions and FSC becoming the regulatory agency with responsibility for market conduct and financial consumer protection for all financial institutions”. Managing Director of the Jamaica Stock Exchange, Dr Marlene Street Forrest, who was also a guest on the programme, gave an update on the country’s securities market. Let’s Connect with Ambassador Marks enables members of the diaspora to communicate directly with the ambassador about matters affecting their lives in the USA and also stay up to date with the Government’s policies and programmes, as well as the embassy’s activities. Ambassador Audrey Marks is occasionally joined by distinguished guests, including US government officials, key players in various local and international organisations, and prominent members of the Jamaican diaspora. Jamaica’s financial systems remain stable, secure - Byles Governor of the Bank of Jamaica, Richard Byles. FILE MINISTER OF Culture, Gender, Entertainment and Sport Olivia ‘Babsy’ Grange has been vested as a Dame Grand Cross of the Imperial Order of the Star of Honour of Ethiopia. The investiture was made by the Crown Council of Ethiopia at the command of His Imperial Highness, the Prince Ermias Sahle-Selassie, on March 4, at the Army Navy Club Hotel in Washington, DC. The Grand Cross is the highest of the five levels of the Order in the Ethiopian Solomonic Awards. The Order of the Star of Honour of Ethiopia was founded by Emperor Menelik II in 1884-85, in his capacity as Negus of Shewa and before he became Emperor of Ethiopia in 1889. It is one of the older awards in the imperial pantheon, and it is currently awarded as a house order by the Crown Council of Ethiopia. The order was established to honour foreign and domestic civilians and military officials and individuals for service to the country and is considered the fifth-ranking order of the Empire of Ethiopia, alongside the Order of Menelik II. CULTURAL AND DIPLOMATIC BRIDGES In his remarks, Prince Ermias said Minister Grange was conferred with the award in recognition of the Minister Grange honoured by Ethiopia Minister of Culture, Gender, Entertainment and Sport Olivia Grange is conferred with the Dame Grand Cross of the Imperial Order of the Star of Honour of Ethiopia, by His Imperial Highness Prince Ermias Sahle-Selassie, on March 4 at a special ceremony in Washington, DC. PHOTO BY DERRICK SCOTT PLEASE SEE HONOURED, 10
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