SENIOR Deputy Governor Dr Wayne Robinson has emerged as the front-runner to become the next governor of Bank of Jamaica (BOJ), as the Government moves to complete the search for a successor to Richard Byles ahead of his departure next month.

A senior Government source told the Jamaica Observer that Robinson, a career central banker who has spent more than three decades at the BOJ, is now regarded as the leading candidate for the post. There has been no official announcement, however, and it was not immediately clear whether Cabinet has received a final recommendation from the committee appointed to conduct the search.

If selected, Robinson would move from being the central bank’s number-two executive to its top post, providing continuity as the BOJ prepares for its first change of governor since gaining operational independence in 2021.

Sunday Finance understands that several prominent figures in the financial sector were considered during the process, including Sagicor Group Jamaica President and Chief Executive Officer Christopher Zacca, Citi Jamaica Country Officer Eva Lewis, and former senior commercial banker Minna Israel.

It could not be determined whether all three were formally approached or interviewed, included on the search committee’s shortlist, or merely canvassed as possible candidates. Israel’s name being among those discussed is notable because she was subsequently appointed as one of the four members of the committee conducting the search. It was not clear whether consideration of Israel preceded her appointment to the committee or whether she was ever a formal candidate for the position.

Minister of Finance and the Public Service Fayval Williams announced the start of the search in April, appointing a committee comprising Israel; retired International Monetary Fund Deputy Secretary Calvin McDonald; attorney-at-law Ambassador Kathryn Phipps; and University of South Florida Professor of International Finance Delroy Hunter.

The committee was mandated to identify a shortlist of suitable candidates, after which a submission would be made to Cabinet concerning the individual to be recommended to the governor general for appointment under the Bank of Jamaica Act.

Efforts by Sunday Finance to get an update from Williams were unsuccessful.Calls to her cellular phone went unanswered up to press time Friday.

Robinson enters the selection process with direct involvement in virtually every major area of central bank decision-making.

As senior deputy governor he is an ex-officio member of the BOJ board as well as the Monetary Policy Committee, Financial Policy Committee, Supervisory Committee, and Financial System Stability Committee.

An economist by profession, Robinson has played a leading role in the design of Jamaica’s economic programme and the development and implementation of monetary policy and financial market reforms.

He was appointed senior deputy governor effective October 1, 2020, after rising through the ranks of the central bank from a clerk in its Information Systems Department. He later moved into economics and served in several senior positions, including deputy governor with responsibility for research, economic programming and financial stability.

Robinson holds a doctorate in economics from the University of Manchester as well as bachelor’s and master’s degrees in economics from The University of the West Indies.

His selection would place responsibility for both price stability and financial system stability in the hands of an internal candidate already involved in shaping and executing the BOJ’s policies.

Robinson would replace Byles, who came out of retirement to lead the central bank after a career spanning more than 40 years in business and finance.

Byles was appointed governor effective August 19, 2019. Before joining the central bank he served on several company boards and was the first private sector co-chairman of Jamaica’s Economic Programme Oversight Committee, which monitored the country’s performance under its International Monetary Fund-supported economic reform programme.

His tenure included the COVID-19 pandemic, the inflation surge that followed disruptions to global supply chains and commodity markets, the introduction of Jamaica’s central bank digital currency, and the transition to an independent central bank with a statutory inflation target.

Byles is scheduled to demit office on August 18, after completing seven years in the post. The next governor will assume office at another delicate point for monetary policy. Annual inflation accelerated to 6.7 per cent in June, moving above the BOJ’s target range of four to six per cent, while the policy interest rate remains at 5.5 per cent.

The BOJ’s next policy rate announcement is scheduled for August 19 — one day after Byles’ appointment ends — placing additional pressure on the Government to complete the selection and ensure a smooth transfer of leadership.