Thursday 26 November, 2020

BOJ will ensure financial system remains stable – Byles

File photo shows BOJ Governor Richard Byyles (right) and deputy governor Dr Wayne Robinson.

File photo shows BOJ Governor Richard Byyles (right) and deputy governor Dr Wayne Robinson.

The Bank of Jamaica (BOJ) has put contingency plans in place to ensure the normal functioning of the financial system and financial markets In light of the ongoing spread of the coronavirus (COVID-19).

“The public can be confident that Bank of Jamaica will ensure that the financial system and financial markets remain stable”, the central bank, led by Governor Richard Byles, said in a release on Friday.

In collaboration with the commercial banks, the BOJ said it has taken steps to ensure that there is no disruption to critical banking and payment services during this challenging time.

In that regard, the real-time gross settlement system which facilitates electronic payments will be available.

“We will also ensure that more than adequate cash will be available in the system to meet the demands of the public. Importantly, I want to remind everyone that the country has adequate foreign exchange reserves, in excess of US$3.5 billion," the bank said.

The BOJ said it will continue to work with the banks and cambios to ensure that ample foreign exchange is available to meet the needs of businesses.

“Also, we have been in discussions with the financial institutions requesting that any extra-ordinary investment transactions that could adversely impact the price of foreign exchange, be deferred until we pass this critical period.”

BOJ added: “Finally, Jamaica’s banking system is sound, strong and has adequate liquidity to ensure continued economic activity during this period.”

In the meantime, the BOJ will continue to refine and operationalize its crisis /emergency plans to ensure that we minimize the effects of the COVID-19 virus on the economy.

“We implore you to take the necessary precautions to protect yourselves and your families,” the release ended.

Get the latest local and international news straight to your mobile phone for free: