BOJ Implements Structural Reforms to Support Growth Target

The Bank of Jamaica (BoJ) has implemented structural reforms aimed at supporting the Government’s target of five per cent growth over the next four years.

Governor Brian Wynter says these reforms, are designed to remove impediments to growth.

He cited recent usage of its authority under the Banking Services Act to facilitate a lowering of the capital risk-weighting for bank loans that are guaranteed by the Development Bank of Jamaica’s (DBJ) credit enhancement facility.

He said central to the BoJ’s support of the administration’s “ambitious” target was maintaining macroeconomic stability, “the keystone for private sector-led economic growth and job creation.”

The Governor was addressing journalists at Tuesday’s (February 21) quarterly media briefing at the BoJ auditorium in downtown Kingston.

Meanwhile, Mr. Wynter said the BoJ was also playing a central role in other initiatives aimed at improving access to finance.

These include development of the National Financial Inclusion Strategy, “which I expect you will hear much more about in the coming weeks and months.”