Bank of Jamaica (BOJ) and the Jamaica Bankers Association (JBA) are actively exploring initiatives to make banking services, including access to cash, available in the shortest possible time, particularly to the parishes that have been heavily-impacted by Hurricane Melissa. While banks have been able to resume operations in a number of areas, they are experiencing significant challenges reactivating their branch and automated teller machine (ATM) networks across the country. The challenges result from physical damage, the massive dislocation suffered by the staff of the financial institutions, difficulty accessing roadways to towns where the branches and ATM machines are located and the absence of electricity and telecommunication services in many communities. In addition, financial institutions face enormous challenges with security in the prevailing conditions.
Critical payment and settlement systems, such as the BOJ-operated Real Time Gross Settlement System (RTGS), are operational. The central bank has suspended its fees charged to banks for the transfer and settlement of funds via the RTGS until further notice and expects that the banks will pass on the fee waiver benefit to their customers. Bank of Jamaica is also exploring with deposit-taking institutions (DTIs) what other temporary relief initiatives for bank customers are possible, particularly for those residing or operating businesses in areas that have been ravaged by the hurricane.
Bank of Jamaica wishes to reassure customers that the central bank is working to ensure the restoration of the country’s financial system, including coordinating with the banks to ensure access to cash and the resumption of full banking services as quickly as possible, particularly in areas worst-affected by the hurricane. The public will continue to be kept informed by BOJ and the banks of the progress in this regard.
The management and staff of Bank of Jamaica know that beyond the physical devastation in significant parts of the country, the emotional stress of this moment is enormous for those directly and adversely affected and all too real for the entire Jamaica. However, we are confident that Jamaica possesses the resilience, the grit, the strength and the determination to rebuild our communities and country together as one people.
