The Financial System Stability Committee (FSSC) of the Bank of Jamaica (BOJ) has endorsed initiatives being undertaken by the institution to ensure adequate foreign currency and Jamaica Dollar liquidity, in light of the COVID-19 outbreak.
The BOJ has collaborated with commercial banks to ensure that there is no disruption to critical banking and payment services, by making available the real time gross settlement system, which facilitates electronic payments.
The central bank has also asked financial institutions to defer any extraordinary investment transactions that could adversely impact the price of foreign exchange, until the COVID-19 onset has been curtailed.
In a statement Wednesday, the FSSC said that while the COVID-19 pandemic may create new challenges for managing financial system stability, it is optimistic that the BOJ’s measures will support normal functioning of the financial system, including the payment system.
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