The International Monetary Fund (IMF) has weighed in on the selection of Richard Byles as the next governor of the Bank of Jamaica (BOJ).
IMF Mission Chief Uma Ramakrishnan said the team welcomes the open and transparent process for selection of the new governor.
The private sector and parliamentary opposition are among those that have already endorsed the appointment of Mr. Byles.
Mr. Byles will succeed Brian Wynter on August 19.
BOJ policies
The IMF Mission Chief said the team also welcomes the BOJ's recent policies aimed at restoring inflation to the target range.
However, the IMF said the BOJ should limit its foreign exchange interventions to episodes of significant market dislocations.
At the same time, it said continued swings in the currency highlight the urgency to adopt a foreign exchange trading platform to enhance market transparency and price discovery, as well as to develop hedging instruments.
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