CampbellTHE JAMAICA Bankers Association views with concern the decision announced by the Bank of Jamaica on Thursday, which requires banks to place five per cent of their prescribed liabilities as a Special Deposit in cash at the Bank of Jamaica as of Friday January 10, 2003.
JBA President Raymond Campbell, speaking on behalf of the Association, said, "We understand the circumstances that have led to the imposition of the Special Deposit and hope that the volatility in the foreign currency markets is short-lived. While Section 28A (1) of the Bank of Jamaica Act authorises the central bank to impose special deposits, we sincerely trust that this will be a short-term measure.
In the meantime, we wish to assure the banking public that the industry is in continuing dialogue with the regulators on this issue.
Whilst the JBA is not yet able to determine the likely impact of the Special Deposit on the customers of its members, the banking public is advised that individual members of the Association will inform their customers as necessary."
The Jamaica Bankers Association represents the interests of the country's six commercial banks and eight merchant banks in policy matters.
