WHEN Richard Byles leaves the Bank of Jamaica (BOJ) on August 18, the institution will hold 80 per cent more gross international reserves than it did at the end of 2019; operate with independence written into law; and oversee commercial banks that survived a pandemic, an inflation shock, and hurricanes without failure.

Yet one of its most important signals still loses force before reaching Jamaicans.

BOJ raised its policy interest rate from 0.50 per cent to 7.00 per cent to fight inflation, then cut it to 5.50 per cent as pressures eased. But deposit rates fell while lending rates barely moved. Savers felt the change more readily than borrowers.