BOJ Governor Richard Byles Archives

News | Nov 19, 2020

Jamaica’s economic contraction for 2020/2021 far worse than initially projected—BOJ

Reading Time: 4 minutesLatest projection is for a 10 to 12 per cent economic contraction The Bank of Jamaica’s (BOJ) latest projection of the Jamaican economy is that the contraction for the current fiscal year will be far worse than previously anticipated. The initial projection by the BOJ was that the contraction would be in the range of 7%-10% but the latest projection by the bank is for the contraction to be worse in the order of 10% -12%. However, speaking at his quarterly new briefing on Thursday (November 19), BOJ Governor, Richard Byles was quick to point out that the worst is…

News | Nov 21, 2020

Remittances to Jamaica remain buoyant despite COVID-19 turmoil

Reading Time: 3 minutesDespite the uncertainty brought on by the COVID-19 pandemic, Jamaican abroad continue to send money back home to help out family and friends with no discernable dip in those flows. Remittances for the June quarter grew by 14 per cent and for the month of June alone increased by 42 per cent to US$259 million. According to the Bank of Jamaica (BOJ) Quarterly Monetary Policy Report, remittance inflows for the April to June period in 2019 came in at US$603 million. For the same period this year, during the first wave of the COVID-19 virus it rose to US$688 million….

Business JAM | Apr 18, 2021

Bank of Jamaica names new board and membership of two new statutory committees

Reading Time: < 1 minuteConsequent to the Bank of Jamaica (BOJ) (Amendment) Act of 2020 giving the bank greater autonomy coming into effect on Friday (April 16), Finance Minister Dr Nigel Clarke has named a new board to guide Jamaica’s banking regulator. The new board is chaired by BOJ Governor, Richard Byles, who will govern alongside his deputy, Dr Wayne Robinson, Senior BOJ Deputy Governor. They both will act as ex-officio members on the board. The other members are Dr Christine Clarke, Andrea Coy, Gary “Butch” Hendrickson, Howard Mitchell and Richard Powell. Also included on the board as an ex-officio member, will be a…

Business | Aug 25, 2021

BOJ Governor admits devaluation of Jamaican dollar still too high

Reading Time: 3 minutesBank of Jamaica (BOJ) Governor, Richard Byles is admitting that the pace of devaluation of the Jamaica dollar is still too high for comfort. In relation to the foreign exchange (FX) market, Byles advised that, “notwithstanding recent movements in the exchange rate, the pace of depreciation is better than we experienced last year.” Addressing his recent quarterly briefing last Friday, Byles reported that while the movement is still too high for comfort, it compares favourably with the 12.0 per cent depreciation that occurred over the same period of last year. On August 16, the exchange rate was J$155.08 to US$1,…

Business | Oct 7, 2021

Rising oil prices, another inflationary hurdle for Jamaica

Reading Time: 4 minutesThe Bank of Jamaica (BOJ) has come under immense criticism for its decision to raise interest rates in the face of rising inflation and escalating commodity prices and supply chain bottlenecks. But there may be further trouble ahead with rising oil prices. Yesterday, WTI crude rose to US$77.75 a barrel with Brent coming in at $81.51. Reuters reported that oil prices jumped on Tuesday with US crude hitting its highest since 2014 and Brent futures climbing to a three-year high after the Organization of Petroleum Exporting Countries (OPEC) group stuck to its planned output increase rather than raising it further….

News | Nov 17, 2021

As inflation in Jamaica gallops, BOJ moves to raise interest rate

Reading Time: 4 minutesWith inflation cantering at an alarming rate, the Bank of Jamaica (BOJ) has announced its decision to increase the policy interest rate (the rate offered to deposit-taking institutions on overnight placements with the Central Bank) by 50 basis points to 2.00 per cent per annum, effective Wednesday (November 17). According to the Statistical Institute of Jamaica (STATIN) consumer prices rose to 8.5 per cent in October compared to the same time last year. The BOJ’s stated mission is to preside over inflation within a band of 4 to 6 per cent and to use its toolkit to contain it within…

Business JAM | Nov 22, 2021

BOJ restores its FX net open position cap effective December 6

Reading Time: 2 minutesThe Bank of Jamaica has announced the reintroduction of its foreign exchange Net Open Position cap, effective December 6, 2021.

Business | Dec 6, 2021

BOJ restores FX net open position cap effective today

Reading Time: < 1 minuteThe Bank of Jamaica (BOJ) will today (December 6) reintroduce its foreign exchange Net Open Position (NOP) cap. The BOJ’s $8 billion NOP cap was temporarily removed in January 2020. The BOJ’s NOP is used to analyse foreign exchange risk, measures the difference between total assets and total liabilities in foreign currency. Central Bank Governor, Richard Byles, who made the announcement at a virtual press briefing last month, disclosed that the cap will be adjusted from the $8 billion limit to an asymmetric one, corresponding to a $4.5 billion ceiling for long NOP positions and $7 billion for shorter ones. “The…

Business | Apr 5, 2022

Is the Caribbean ready for the future of work?

Reading Time: 3 minutesJamaican IT services company tTech Ltd will host the two-day TechCon business and technology conference next week under the theme ‘INSPIRE: Accelerating your Digital Maturity’.

Business | Jun 18, 2022

Bank of Jamaica aims for end-June national rollout of JAM-DEX

Reading Time: 2 minutesThe Bank of Jamaica (BOJ) has set the end of this month to start the national rollout of its Central Bank Digital Currency (CBDC), dubbed JAM-DEX. This was announced by Governor Richard Byles, who declared that the Central Bank is at a point where, “we are… ready [to proceed]”. Speaking during a ‘Riverside Chat’ panel discussion on digital and cryptocurrency at the just concluded 2022 Jamaica 60 Diaspora Conference, Byles reiterated that the BOJ has spent the “last two years undertaking preparations for the CBDC’s development and implementation.” He remarked that it has been a “great learning experience”. The BOJ…

Business | Jun 20, 2022

BOJ Governor issues another cryptocurrency warning

Reading Time: 2 minutesDurrant Pate/Contributor Richard Byles, governor of Jamaica’s Central Bank is again warning locals about the risks associated with crypto-currencies. Speaking at a digital and cryptocurrency conference last week, Byles issued more cautionary statements on the use of these digital currencies for Jamaicans using or who have plans to use these digital assets. He urged nationals to be mindful of the associated risks arguing that cryptocurrencies’ unpredictability means they cannot function as a medium of exchange. The BOJ Governor considers cryptocurrency an investment instrument rather than a medium of exchange because its value is “not sufficiently stable to be a good…

News JAM | Mar 6, 2023

BOJ confident of new executive roles

Reading Time: 2 minutesBank of Jamaica (BOJ) Governor Richard Byles is reaffirming that the institution can effectively execute the new responsibilities that it will be assigned under the proposed Twin Peaks regulatory model for the financial sector. According to Byles, the new duties will not “stretch us to the point where we can’t pay attention to our duties at the BOJ”. Under the new regime, the BOJ, which now supervises deposit-taking institutions, including commercial and merchant banks, will be given responsibility for regulating non-deposit-taking institutions and stakeholders that are under the purview of the Financial Services Commission (FSC). These include securities dealers, insurance…

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