PNP Demands Answers from BOJ on Inflation Controls

Opposition Spokesman on Finance, Julian Robinson, says the Bank of Jamaica, BOJ, must answer questions about the continued impact of its interest rate policy.

Mr. Robinson was reacting to news that the government intends to maintain the BOJ’s inflation target at four to six percent for the next three years.

The government failed to meet its revenue targets for the last financial year. This was due to a fall off in corporate income taxes.

It’s believed the BOJ’s high interest rates impacted company profits, which in turn affected the amount paid by those companies in corporate income tax.

Mr. Robinson says as things stand, the BOJ must come before parliament and justify its approach to monetary and fiscal policy.

Julian Robinson, Opposition Spokesman on Finance. He was speaking in the House of Representatives on Tuesday.