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

principal source of banks ’ credit potential, it is quite understandable for me that banks are not overly interested in a more active approach to boosting dinar savings. however, i am also convinced that in the near future this will became a significant factor of competition among banks, as serbian citizens get their salaries in dinars. therefore – if the nbs is successful in its fight against inflation, and it most certainly will be successful, just as has been the case with all other challenges so far – it is quite logical that serbian people will want to save in dinars, if this yields a higher rate of return, and that they will want to borrow in dinars and not have to worry about foreign currency risk from which banks are now protected, but citizens are not. competition in the serbian banking market is strong enough to ensure success for all those who first understand the needs of the market and of their potential clients.