On the occasion of its meeting on 03 November 2021 and on its review of the financial system’s performance and risks up to the September 2021 quarter, the Financial Policy Committee issues the following statement:
“Notwithstanding the on-going effects of the COVID-19 pandemic, the Jamaican economy showed signs of improvement during the June and September 2021 quarters. In this context, the performance of the financial system improved during the review period. The financial system continued to be well-capitalized and reflected improvements in liquidity and profitability.
Credit growth during the June and the September 2021 quarters was generally muted. The financial system also did not demonstrate any significant change in institutions’ exposure to selected sectors. The sector continued to report good asset quality even as the stock of loans under moratoria provided by banks continued to fall as payment accommodations expired. Financial institutions remained largely resilient to simulated financial shocks and there were no notable changes in contagion risks.
Uncertainties remain about the duration of the COVID-19 pandemic and its impact on households and businesses. The supervisors of the financial system will continue their enhanced monitoring to ensure that the system remains sound.”
Financial Policy Committee
03 November 2021
