Jamaica’s Financial System Remains Safe and Sound – Governor Byles

Bank of Jamaica (BOJ) Governor, Richard Byles, is assuring that the country’s financial system remains safe, sound, adequately capitalised and liquid.

He gave this assurance while speaking during the Central Bank’s recent quarterly monetary policy media briefing at the BOJ Auditorium in downtown Kingston.

Mr. Byles’ comment comes against the background of the BOJ’s mandate of ensuring and preserving Jamaica’s financial stability.

“There has been an unusual amount of commentary in both the traditional and social media in recent weeks on issues relating to financial institutions.

These commentaries have questioned developments at certain institutions and their implications for financial stability,” he noted.

Mr. Byles maintained that Jamaicans at home and overseas can rest assured that the BOJ continues to provide proactive oversight of the financial system and is always prepared to take the necessary actions to preserve its stability.

The Bank of Jamaica, established by the Bank of Jamaica Law (1960), began operations in May 1961.

Its establishment was in recognition of the need for an appropriately regulated financial structure to encourage economic and financial development, particularly as Jamaica was about to achieve political independence.