Bank of Jamaica
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Bank of Jamaica Governor Richard Byles
By Clinton McGregor
Governor of the Bank of Jamaica Richard Byles has confirmed the bank will continue its high interest rate policy in order to control inflation.
Byles, speaking Tuesday at the BOJ's quarterly press briefing, said the economy is still facing a number of headwinds, thus, forcing the bank to maintain the current interest rate policy.
He also announced that the BOJ will see to the implementation of its digital registry over the next 18 to 24 months.
The registry is expected to make customer transition from one financial institution to another quicker as it will include an electronic Know Your Customer database.
The timeline update came as Governor Richard Byles indicated that the country's inflation rate has been affected by a lack of competition among deposit taking institutions.
He noted also that operations in the banking sector are largely dominated by two institutions.
That concentration has allowed for these institutions to have a significant impact on interest rates, he asserted.
But he added that the central bank has been working to facilitate more market competition.
He noted as well that the ease in movement across financial institutions could have an impact on lowering interest rates.
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