Byles leaves BOJ with strong reserves, but harder rate test ahead
June 14, 2026
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RICHARD Byles’ final appearance before Parliament as governor of the Bank of Jamaica (BOJ) was less a farewell than a handover note.
He leaves office in August with stronger foreign reserves, a relatively stable exchange rate, and no bank failures during almost seven years marked by a pandemic, supply-chain shocks, two major hurricanes, and wars in Ukraine and the Middle East.
But he also leaves his successor with a problem ordinary borrowers and businesses know well: BOJ can move its policy rate but the effect does not always show up quickly or fully in commercial bank lending rates.
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