Minister of Finance Dr. Nigel Clarke has said the reggae themed video using by the Bank of Jamaica (BOJ) recently was spurred by a need to communicate better with ordinary Jamaicans about changes in monetary policy.
In an interview with financial news service, Bloomberg in New York, the Finance Minister was asked by co-host of ‘The Close’ Scarlet Fu about the successful Reggae-themed videos created by the BOJ in addressing its inflation and monetary policy.
Minister Clarke explained the machinations of Jamaica’s monetary regime, which had focused on the exchange rate as a tool of monetary policy. He said the Bank was gradually moving away from a managed float – being replaced by a market-determined exchange rate with an inflation target being the “anchor of monetary policy.”
He revealed, that in 2018 he had offered a “light-hearted critique” to the central bank because he felt these changes were not being communicated to the public.
“[The Bank of Jamaica] was doing all this and not communicating to the people, who, ultimately, they are accountable to. They responded by originating a series of videos, designed to bring the Jamaican people into the conversation, into this big policy change we’re making,” Clarke indicated.
The Bank of Jamaica’s innovative videos went viral and got the message across to the Jamaican public in a musically creative way, while receiving widespread attention from media outlets such as Bloomberg and monetary policy-makers around the world.