The government has indicated to the International Monetary Fund (IMF) that a proposal for revising the Bank of Jamaica Act, will be submitted to cabinet for consideration by August of this year.
The reform measure was outlined by the government in its updated Letter of Intent to the IMF dated March 29, 2017.
In that letter, the government said the BOJ Act will be revised in line with recommendations from the IMF.
That revised Act must then be submitted to parliament by February next year.
The revised BOJ Act should - among other things - improve the central bank's independence, modernise arrangements for paying dividends, making appointments to the BOJ board and provisions of central bank financing to the government.
The revised BOJ Act is one of the structural benchmarks the government must meet to continue getting support from the IMF.