We are seeing a new age in communication policy. Big up to @TonycusGannicus and his crew doing great work.
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If it has been reported, please forgive me. I think it’s very significant to discuss either way. We have homework to do.
When I reached the entrance, the lady at the front asked me which organization I am from. Instinctively I said “just myself”.
I got in touch with @TonycusGannicus and he told me to tell her that I was covering the event on Twitter.
She looked equally confused...lol.
Picture this scene. I am sitting in front of the governor and all the deputy governors. I didn’t get the memo that everybody would be in a suit.
Saying I stick out like a sore thumb is an understatement. Nonetheless...I press on.
I lean into the mic and introduce myself “I am Marc Gayle. I represent Finance Twitter”.
They all looked equally puzzled/fascinated and I heard a quiet murmur in the room. Nonetheless...I press on.
Me: Given that BOJ has cut rates so many times in the last few years, what obstacles do you see in the monetary transmission system that prevents rate cuts from filtering fully through the system.
Governor Byles: There are a number of factors, but I will highlight two, that hinder the full transmission of @CentralBankJA policy decisions.
1) Contractionary fiscal policy from GOJ (in other words...
My aside: This programme pursued by GOJ has created the room for private investors to search for higher rates in equities and other...
Note that it is this reason why I issued that challenge to the MoF in this thread 👇🏾👇🏾👇🏾
I don’t think the MoF should abandon the current restraint, but tweaks can be made. I think this is one of them.
My aside: The overnight rate that BOJ pays only applies to JMD deposits.
They are in effect betting against the JMD, the Jamaican economy and this new economic paradigm.
Then let’s just shine a little sunlight on them and just share the data.
Let’s see what happens from there.
But according to him, they are 1 obstacle. There is only so much he can do.
So let’s see if a little sunlight can help this issue.
I am sure I missed people, so please tag them and let’s get this RT’d and get the digging going.
I know it is a long shot and we are just the “articulate minority”, but let’s see if we can actually make a change and free up the monetary transmission system a little.
In fact, he touched a Gleaner reporter that was nearby and said to him: You see, people get their news from everywhere these days, not just you guys.
@CentralBankJA is actively listening to what we say on this app, and our responses are helping to inform their policy making decisions.
Let’s not waste this opportunity to have a significant impact.
amp.jamaicaobserver.com/business-repor…