Finance Minister Fayval Williams has announced the commencement of the search for a new Governor of the Bank of Jamaica (BOJ).

Governor Richard Byles will complete his term of appointment on August 18, this year.

A Ministry statement says the search will take place in keeping with the principles of transparency and good governance.

Mrs. Williams said the process will identify the best-suited candidate to lead the BOJ in entrenching stability and modernising the financial system.

This includes accelerating digital payments into everyday economic activity, especially for under-served Jamaicans.

The new governor will also be tasked to ensure that the gains of sound monetary policy are felt across the broader economy in jobs and investments.

The Search Committee will comprise Calvin Mcdonald, an eminent Jamaican with 29 years as a staff economist at the International Monetary Fund who retired in 2021 as Deputy Secretary of the IMF, Attorney-at-Law Ambassador Kathryn Phipps, Professor Delroy Hunter and accomplished financial services professional Minna Israel.

The Search Committee will assist in identifying a shortlist of suitable candidates for the position.

A submission will be made to Cabinet concerning the individual to be recommended to the Governor General for appointment in accordance with the Bank of Jamaica Act.