THE Senate last Friday passed a Bill amending the Bank of Jamaica Act, to allow the minister of finance and the public service to extend the appointment of the governor of the bank, Bryan Wynter, by at least another two years.

The approval means that Minister of Finance and the Public Service Audley Shaw can go ahead and reappoint Wynter to another two years in office, and, if necessary, an additional two years while the bank completes its current transformation process.

This followed a similar approval in the House of Representatives, last week Tuesday, to accommodate the extension of Wynter’s soon-to-expire contract while the bank continues with changes intended to give it more independence — including the appointment of future governors, which will be done by the governor general of Jamaica on the advice of the Cabinet.

The Bill says that the provision for the extension is necessary to enable legislative reforms of the Bank of Jamaica (BOJ) that may not be fully completed within the governor’s current contract period.

Wynter was installed as governor of the BOJ in 2009, but his current five-year contract is expected to expire sometime later this month.

Shaw said last week Tuesday that transitioning to a new appointment regime at the BOJ was part of an effort to give the bank “greater independence, among other things”.

The Bill was piloted in the Senate last Friday by minister of state in the Ministry of National Security, Senator Pearnel Charles Jr and in the House of Representatives last Tuesday by Shaw.