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Jamaica on track to pass third IMF test

Published:Thursday | January 16, 2014 | 12:56 PM

KINGSTON, Jamaica:

Governor of the Bank of Jamaica, Brian Wynter, says based on preliminary data, Jamaica appears on track to pass its third test under its deal with the International Monetary Fund (IMF).




The BOJ head was speaking at an economic forum put on by the Jamaica Manufacturers’ Association at the Knutsford Court hotel this morning.



Wynter says Jamaica has completed all the structural reforms targeted up to this point and should meet the quantitative requirements.



Wynter says inflation is on track to fall within the 8.5 to 10.5 per cent target range despite increased bus fares and utility rates and the devaluation of the Jamaican dollar.



He notes that inflation for December was point six per cent and 9.7 per cent for the entire 2013.



Wynter says the BoJ is looking towards a decline in the inflation rate in the medium term.



He says that decline coupled with a more competitive exchange rate will foster increased price competitiveness for Jamaica’s export of goods and services.



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