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JAMAICA | Richard Byles is the new governor of the Bank of Jamaica

Featured Nerwly appointed Governor of the Bank of Jamaica Richard Byles Nerwly appointed Governor of the Bank of Jamaica Richard Byles
KINGSTON, Jamaica June 14, 2019 - Former CEO of Sagicor Jamaica and  foirmer Co-Chair of the Economic Programme Oversight Committee (EPOC) which was formed to monitor Jamaica's performance under its IMF agreement, Richard Byles, is to be the new Governor of the Bank of Jamaica (BOJ).
Finance Minister Dr Nigel Clarke announced yesterday that Byles has been endorsed by Cabinet as the next governor of the Bank of Jamaica.
He said the David Marston-led committee that was set up in January to search for a new head for the central bank had decided on Byles as an “eminently qualified, experienced, and credible leader” to succeed Brian Wynter.
Mr. Byles, who will succeed Brian Wynter on August 19, has had a 40-year career in business and finance.
He was appointed Managing Director of Pan Caribbean Merchant Bank in 1988 before his appointment as CEO of the Pan Jam group in 1991. 
He led Pan Jam for 13 years before taking over as CEO of Sagicor Jamaica in 2004. 

Private Sector Organisation of Jamaica President Howard Mitchell said in a press statement that Byles, given his more than four decades of demonstrated innovative, balanced and successful leadership in banking and finance, “is a credible candidate with a strong commitment to Jamaica”.

“We are confident that he will bring this same level of expertise and independent thinking to this new role of leading the continued transformation of the Bank of Jamaica,” Mitchell added.

Opposition spokesman on finance Mark Golding also believes the appointment is a good one for the country: “I think it's a positive thing. Mr Byles is somebody who I think has the respect of the business community, the financial community and the wider public,” Golding said.

“I think as a co-chair of EPOC he showed himself as a balanced and fearless person who is prepared to tell it like it is and without any perception of bias of any kind, and he obviously has tremendous experience in running large, complex organisations in the private sector,” he said.

Head of the Jamaica Chamber of Commerce (JCC) Lloyd Distant described Byles' leadership of EPOC as stellar. “He understands the levels that spur and drive this economy — his decision-making is always informed, balanced and tempered, and those are traits that we continue to need in the leadership of the Bank of Jamaica, and in determining Jamaica's monetary policy. So the JCC congratulates him and wishes him all the best in the role,” he said, adding that the chamber will work with the new governor to ensure a macroeconomic environment that facilitates sustainable growth.

  • Countries: Jamaica

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