KINGSTON, Jamaica — The Bank of Jamaica (BOJ) has been distinguished with the prestigious Best Bank Award 2025 by the renowned international financial publication Global Finance. This accolade was formally presented to BOJ Governor Richard Byles during an awards ceremony in Washington DC, conducted alongside the annual gatherings of the International Monetary Fund and the World Bank.
In a parallel recognition of exemplary leadership, Governor Byles was awarded an ‘A’ grade in Global Finance’s 2025 Central Banker Report Card. This annual evaluation scrutinizes the performance of nearly 100 central bank governors across the globe. The top-tier grade solidifies the BOJ’s position at the apex of central banking leadership within the Caribbean and Latin American regions, marking a notable improvement from the ‘A-‘ rating received in 2024.
Governor Byles, in an official statement, attributed this success to the dedicated efforts of the bank’s entire staff. He emphasized that the award acknowledges their unwavering commitment to fulfilling the BOJ’s core mandates, which encompass stringent inflation control, ensuring the stability of the financial system, and the effective supervision of deposit-taking institutions.
The recognition arrives at a critical juncture as the central bank intensifies its efforts to facilitate national recovery in the aftermath of Hurricane Melissa, which inflicted substantial damage to Jamaica’s economic and social infrastructure. Byles underscored that the bank’s primary focus on maintaining price stability is a fundamental pillar in supporting the country’s broader rehabilitation efforts.
Global Finance’s rankings are derived from a meticulous analysis incorporating insights from the financial industry and a set of rigorous metrics. These criteria include the effectiveness of monetary policy, the rigor of financial system supervision, operational transparency, and the degree of independence from political influence.
The publication specifically commended the BOJ for its consistent and strategic monetary policy actions aimed at curbing inflation, particularly following the hurricane disasters experienced in 2024. It highlighted that despite the severe economic disruptions caused by Hurricanes Beryl and Rafael, the bank, in concert with the government, successfully maintained a steady macroeconomic trajectory. Demonstrating this adaptability, the BOJ held its policy rate steady at 7% until August 2024, subsequently implementing a series of reductions to lower it to 5.75% by September 2025 as inflationary pressures subsided.