HE Bank of Jamaica (BOJ) has announced an eight-point pre-emptive monetary strategy to assure financial institutions and the public that there will be adequate access to both Jamaican dollar and foreign currency liquidity in wake of the escalating COVID-19 pandemic.

BOJ Governor Richard Byles, who announced the measures in a virtual press briefing with journalists yesterday, disclosed that three relate to the foreign currency (FX) market and five have to do with Jamaica dollar liquidity.

While announcing the measures, Byles also disclosed that the BOJ estimates a contraction in the Jamaican economy in the order of three per cent next year and inflation being on the lower end of the 4.0 per cent to 6.0 per cent range over the fiscal year.

He pointed out that the eight-point measures have already seen some $57 billion in liquidity being pumped into the money market.

http://www.jamaicaobserver.com/business-report-daily-biz/boj-announces-eight-point-pre-emptive-covid-19-monetary-strategy-three-measures-relate-to-fx-and-five-with-jamaica-liquidity_190699