IN 1976 the Bank of Jamaica (BOJ) ran entirely out of foreign exchange, leaving the Net International Reserves (NIR) balance at zero. There was no foreign exchange to buy oil to provide the country with electricity and gasoline â€” key sources of energy. No money to buy medicine and other vital supplies for the health sector, to purchase basic food supplies…
Whither Jamaicaâ€™s interest and exchange rates?
Last Week, we addressed the uncertainty surrounding the direction of the US monetary policy. Pundits on either side are busy lobbying, modelling and hypothesizing the US Federal Reserve’s next move.
The financial rescue fund crafted by the Bank of Jamaica (BOJ) for liquidity and capital support has been launched initially with US$650 million seeded by the International Monetary Fund (IMF), but will be boosted further by an undisclosed sum after the IMF’s board signs off on the negotiated bailout programme.
THE government recently passed legislation for a tighter, better management ofÂ public debt, among other things. One of the most important aspects of debtÂ management is setting a ceiling for debt, but I did not see anything definitiveÂ about this in the legislation.