This comes amidst the current financial down turn affecting global economies and its effect on the local economy.

Governor of the BOJ, Derrick Latibeaudierre, who was speaking on the Breakfast Club says the inflation target rate is now 15 to 17 percent.

He says although the trend seems on target for this past September, its unlikely that this number will remain for the fiscal year.

Meanwhile, as it relates to the impact of the global financial crisis on local financial institutions, Mr. Latibeaudierre says the banks are in good shape, due to strict measures put in place by the government after the financial melt down in the 1990s.

The BOJ governor says also that investments made abroad are only via secure instruments.