THE EDITOR, Sir:I REFER to an article entitled 'Why BOJ Secrecy' published in The Sunday Gleaner of February 26 in the column written by Dawn Ritch.
The Bank of Jamaica (BoJ) is aware that in its quest to accurately inform the public, The Gleaner seeks after truth and, in that context I make the following points
A Joint Select Committee of Parliament meeting to consider the possible amendments to the Access to Information Act (ATIA) 2002, invited the public, interested parties and institutions to make submissions to it as part of its periodic review required by the ATIA.
MADE SUBMISSION
In that vein, the BoJ was invited to make a submission reflecting the bank's experiences in dealing with requests for information received by it under the ATIA.
The bank made a written submission and formally presented that submission before the Joint Select Committee of Parliament. The bank's submission, therefore did not, as the article suggests, emanate from the Prime Minister.
The Bank of Jamaica Act, which from its inception in 1960, has governed the bank's operations and affairs, provides that information regarding the affairs of the bank cannot be released without the approval of the bank's governor or the minister with responsibility for the bank.
The ATIA, by very clear words in Section 35(2), preserves the secrecy provisions of other statutes, including the Bank of Jamaica Act but overrides the Official Secrets Act.
This results in a clear conflict between both statutes which was highlighted in a recent decision handed down by the Access to Information Tribunal. The bank's submissions pointed to the statutory conflict and asked that the committee resolve that conflict in the manner set out in the Bank of Jamaica Act.
The ATIA, as one of its objects and reasons, establishes that its purpose is to balance two competing public interests, the right of the public to know against another public interest, that of ensuring that exempt and sensitive information in the possession of a public institution are treated in a specified manner.
The bank is aware that in countries where there is a monetary policy committee, the minutes of that committee, giving the specific decisions taken, but not the discussions, are published. This should not be confused with the publication of minutes of the central bank's board.
The bank did not seek, as The Gleaner columnist's article suggests, any specific change to legislation to promote secrecy, but did ask the Joint Select Committee to resolve the conflict between both statutes that has arisen.
SUPPORTS TRANSPARENCY
The bank strongly supports transparency of processes, has provided information under the ATIA and dialogued with persons requesting information in order to see how it can better assist such persons.
The bank maintains a website which provides access to the public on important economic and other data, publishes its balance sheet every two weeks and, in 2005, was adjudged by the IMF and the World Bank to be operating in full accord with international transparency best practice standards.
I trust that this will clarify the issue sufficiently.
I am, etc.,
RUDOLPH MUIR
Bank Secretary
