Caribbean News
BOJ Anticipates Minimal Price Disruptions from US Tariffs
Kingston, Jamaica, May 21, 2025 – The Bank of Jamaica (BOJ) Monetary Policy Committee (MPC) projects that the initial impact of rising US tariffs on prices in Jamaica will be minimal.
“In assessing the near-term outlook, the Monetary Policy Committee contemplated the implications for the Jamaican economy of the policies that have been implemented by the US administration, to date, and in so doing looked at several scenarios. From this exercise, the Bank’s view is that the first-round impact of the increase in US tariffs on prices in Jamaica will not be significant,” BOJ Governor, Richard Byles, said.
He was addressing the Quarterly Monetary Policy Report press conference at the Jamaica Conference Centre in downtown Kingston on Wednesday (May 21).
The Governor noted that, in the US, these policies are likely to cause a temporary rise in inflation.
“We expect that the US Federal Reserve (the Fed) will respond appropriately, and we also anticipate a slowing of the pace of US economic growth. We note that the Fed maintained its interest rate target in the range of 4.25 to 4.50 per cent in the May 2025 meeting and is likely to continue to maintain rates for an extended period of time in 2025,” he said.
Mr. Byles pointed out, however, that while some consumer prices in Jamaica may rise due to higher inflation in the US, the impact of imported inflation on overall domestic price level increases will be largely offset by declining global oil prices.
“Given the available information, the Bank, therefore projects, a moderate impact of the US policy changes on prices in Jamaica. In this context, the outlook is for inflation to remain within the Bank’s target range of four to six per cent over the next two years, notwithstanding some upside risk. This outlook assumes stable inflation expectations, a moderate decline in crude oil prices, continued stability in the exchange rate and moderate domestic demand,” the Governor added.
Mr. Byles pointed out that the risks to the inflation forecast are, however, skewed to the upside, which means the out-turn could be higher than projected.
“Higher inflation could stem from a sharper-than-anticipated increase in the tariff faced by trading partners of the US. In addition, domestic
inflation could be higher than projected if there is a further escalation in geopolitical tensions, which could negatively impact international supply chains. Lower inflation could, however, result from lower-than-projected international commodity prices as well as weaker demand conditions,” he explained. Consequently, the Governor said the MPC will continue to closely monitor domestic inflation expectations and any upward pressure on prices resulting from the evolving tariff landscape. Mr. Byles added that the Bank is prepared to adjust its monetary policy stance if its outlook does not materialise and inflation deviates upwards from the Bank’s target range.
“Importantly, the Bank is well positioned to support stability in the foreign exchange market, should the effects of the policy changes abroad affect foreign exchange flows by more than currently anticipated,” he stated.
The Governor said the BOJ remains committed to achieving its primary mandate of maintaining inflation at four to six per cent and will deploy the tools necessary to preserve price and foreign exchange market stability.
Meanwhile, Mr. Byles said US policy changes may have some impact on Jamaica’s gross domestic product (GDP) growth and the external accounts, to the extent that tourism and goods exports as well as remittances are affected.
“Some of Jamaica’s exports will be exempt from the baseline tariff imposed on Jamaica by the US, and this may augur well for growth in those industries. The economy is, therefore, projected to grow moderately over the near term.
“Against this background, and factoring domestic demand conditions, for fiscal year 2025/26, real GDP is projected to recover in the range of one to three per cent, largely reflecting normalisation in the mining, tourism and construction sectors. In this context, employment levels are projected to remain high, even as anecdotal data suggest that wage pressures are moderating,” he said.
Meanwhile, the Governor indicated that Jamaica’s current account balance is expected to remain in surplus in the near term, with international reserves projected to remain healthy.
“The Bank projects that gross reserves will improve further over the medium- term, remaining above the Assessing Reserve Adequacy (ARA) 100 per cent,” he said.
Mr. Byles pointed out that “the external environment carries much uncertainty, but the domestic macroeconomic outlook remains stable in the Bank’s view”.
CONTACT: CHRIS PATTERSON
Release: JIS
By Deandrea Hamilton | Magnetic Media
October 14, 2025 – It’s being called political theatre — but for citizens, constitutional watchdogs, and democracy advocates across the Caribbean, it feels far more serious. Within a single week, two national parliaments — in Trinidad and Tobago and St. Kitts and Nevis — descended into turmoil as opposition members stormed out in protest, accusing their Speakers of bias, overreach, and abuse of parliamentary procedure.
For observers, the walkouts signal a deeper problem: erosion of trust in the very institutions meant to safeguard democracy. When Speakers are viewed as political enforcers instead of neutral referees, parliaments stop functioning as chambers of debate and start performing as stages for power and spectacle — with citizens left wondering who, if anyone, is still accountable.
October 6: St. Kitts Parliament Erupts
The first walkout erupted in Basseterre on October 6, 2025, when Dr. Timothy Harris, former Prime Minister and now Opposition Leader,
led his team out of the St. Kitts and Nevis National Assembly in a protest that stunned the chamber.
The flashpoint came as the Speaker moved to approve more than three years’ worth of unratified parliamentary minutes in one sitting — covering 27 meetings and three national budgets — without individual review or debate.
Dr. Harris called the move “a flagrant breach of the Constitution and parliamentary tradition,” warning that the practice undermines transparency and accountability. “No serious parliament can go years without approving a single set of minutes,” he said after exiting the chamber.
The Speaker defended the decision as administrative housekeeping, but critics were unconvinced, branding the move a “world record disgrace.” The opposition’s walkout triggered renewed calls for the Speaker’s resignation and sparked a wider public discussion about record-keeping, accountability, and respect for parliamentary norms in St. Kitts and Nevis.
October 10: Trinidad Opposition Follows Suit
Four days later, on October 10, 2025, the Opposition United National Congress (UNC) in Trinidad and Tobago staged its own walkout from the House of Representatives in Port of Spain.
The UNC accused the Speaker of partisan bias, claiming she had repeatedly blocked urgent questions, ignored points of order, and allowed government members to breach standing orders without consequence.
“The Speaker has failed in her duty to act impartially,” the Opposition declared in a statement. “Parliament is not the property of any political party or Presiding Officer.”
The dramatic exit was seen as a culmination of months of rising tension and frustration, with opposition MPs arguing that parliamentary rules were being selectively applied to silence dissenting voices.
Political analyst Dr. Marcia Ferdinand described the twin walkouts as “a warning sign that parliamentary democracy in the Caribbean is teetering on the edge of performative politics.”
“When chairs become political shields rather than constitutional referees,” she said, “democracy becomes theatre, not governance.”
A Pattern Emerging
While St. Kitts and Trinidad are very different political environments, both incidents point to the same regional fault line: the perception that Speakers — the guardians of parliamentary order — are no longer impartial.
In Westminster-style systems like those across the Caribbean, the Speaker’s authority depends not on power but on public confidence in fairness. Once that credibility erodes, parliamentary control collapses into confrontation.
Governance experts say the implications are serious: eroded trust between government and opposition, declining public confidence in state institutions, and growing voter cynicism that “rules” are flexible tools of political advantage.
Why It Matters
Parliamentary walkouts are not new in the Caribbean, but what makes these recent events different is their frequency and intensity — and
the regional echo they’ve created. Social media has amplified images of lawmakers storming out, with citizens from Barbados to Belize questioning whether the same erosion of decorum could be happening in their own legislatures.
Analysts warn that if this perception takes hold, it risks diminishing the moral authority of parliamentary democracy itself.
“Once opposition MPs believe the rules are rigged, and once citizens believe Parliament is just performance,” said one Caribbean governance researcher, “you’ve lost the most valuable currency in democracy — trust.”
Restoring Balance
Political reformers across the region are calling for tighter Standing Order enforcement, independent parliamentary service commissions, and training to strengthen Speaker neutrality. Civil society leaders say the public must also play its part by demanding transparency and refusing to normalize partisan manipulation of parliamentary procedure.
Whether these twin walkouts become catalysts for reform — or simply another episode of Caribbean political theatre — will depend on what happens next inside those chambers.
For now, democracy watchers agree on one thing: when opposition leaders feel the only way to be heard is to walk out, the entire democratic house — not just its Speaker — is in danger of collapse.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
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