this transformation so that today we can realistically contemplate the prospect of employing modern foreign exchange market practices and full - fledged inflation targeting. bank of jamaica also enhanced its forecasting and policy analysis toolkit so that it can improve the consistency of macroeconomic projections and frame sound monetary policy on a continuous basis. in july 2017, bank of jamaica adopted the interest rate on overnight deposits as the policy rate, replacing the interest rate on 30 - day deposits. this refinement in the policy signal was intended to strengthen the transmission of monetary policy. other refinements have included providing a system of liquidity assurance to our banks and narrowing the interest rate corridor ( the difference between the overnight deposit rate and the rate on overnight advances to banks ). following these changes, the minister of finance in september 2017 approved a medium - term inflation target for bank of jamaica for the first time ( the target is 4. 0 to 6. 0 per cent ). bank of jamaica also enhanced policy transparency earlier this year by publishing, also for the first time, a fixed calendar of announcements of monetary policy decisions for the year ahead. these steps, together with the measures to promote exchange rate flexibility in a modernised foreign exchange market, set the stage for an important date later this year ( october ) when the government is expected to deliver on its commitment to table legislation in parliament to modernise jamaica's central bank. in support of the adoption of full - fledged inflation targeting, these legislative reforms will establish an independent central bank that will be accountable for maintaining price stability as its primary mandate. fiscal consolidation - from crowding out to crowding in for many years, a seemingly insatiable appetite for government borrowing diverted the flow of jamaica's financial resources from the private sector - crowding them out - and made real sector investment harder and more costly, thus impeding economic growth. after a sustained period of disciplined fiscal consolidation, a long overdue correction, i was pleased to be in a position, in february last year, to declare without fear of contradiction that jamaica's long history of government crowding out had come to an end. a drastic reduction - to the point of virtual disappearance - in domestic borrowing by government has opened the way for substantial increases in private sector credit. private sector credit grew by 19 per cent for fy2017 / 18, the highest level since the economic reforms began, and should average growth in excess of 10 per cent over the medium term. jamaica's debt to gdp ratio

brian wynter : economic issues and short - term trends for jamaica speech by mr brian wynter, governor of the bank of jamaica, at the quarterly press briefing, kingston, 10 november 2010. * * * ladies and gentlemen : this morning we are releasing the quarterly monetary policy report for the three months ended 30 september 2010. similar to the previous reports, we have outlined the economic developments that characterised the review quarter and some insights into the central bank ’ s view of the near - term. in addition, we have updated and reprinted some articles on issues which have been in the forefront of many discussions in recent months. these articles relate to the role of a credit bureau in enhancing the efficiency of credit markets as well as the bank ’ s role in preserving financial stability. review of the september 2010 quarter the process of transformation in the economy has largely continued in line with the objective of less volatility in domestic prices, lower interest rates and stable financial markets. indeed, economic developments in the september 2010 quarter were, in the main, positive. annual inflation continued to fall in line with expectations, interest rates trended down, the foreign exchange market was relatively stable, net international reserves increased substantially and the process of fiscal consolidation continued. however, real gdp is estimated to have continued to decline in the review quarter, albeit at a slower rate than in the june quarter. the bank is also estimating that the pace of recovery in the international economy slowed in the review quarter. monetary policy in the context of these developments, the bank continued to ease monetary policy in the review quarter. the bank ’ s actions continued to be supported by the strengthening of investor confidence, which has been reinforced by jamaica meeting successive performance targets under the stand - by arrangement with the international monetary fund. in this regard, the interest rate payable on the bank ’ s 30 - day certificate of deposit was reduced by an additional 1 - percentage point to 8. 00 per cent per annum during the quarter. the interest rate on overnight placements was also reduced by a quarter of a percentage point from an already very low 0. 5 per cent per annum. in addition, the bank reduced the cash reserve requirement on jamaica dollar prescribed liabilities of deposit taking institutions by 2 percentage points to 12 per cent and the liquid assets requirement also by 2 percentage points to 26 per cent. financial markets the foreign exchange market was relatively stable for the review quarter despite some demand pressures in september. this stability was evidenced by the marginal depreciation of 0