The Bank of Jamaica (BOJ) will begin operating independently on Friday.
Finance Minister Dr. Nigel Clarke says the Bank of Jamaica Amendment Act will take effect.
As a result, the minister will no longer have the power to issue directions on monetary policy.
The Act also prohibits the Government from borrowing from the central bank, except in a declared national emergency by way of an order made by the Finance Minister, subject to affirmative resolution, and in keeping with the provisions of the legislation.
Dr. Clarke says the principles of transparency and accountability which underpin the modernisation and operational independence of the BOJ are designed to ensure better economic outcomes.
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