BOJ working with banks on cash access, relief for customers in hurricane-hit areas

The Bank of Jamaica (BOJ) says it and the Jamaica Bankers Association are actively exploring initiatives to make banking services, including access to cash, available in the shortest possible time, particularly to parishes that have been heavily impacted by Hurricane Melissa.

The central bank says 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 Jamaica.

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 ATMs 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 says it 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.

The BOJ says it is also exploring with deposit-taking institutions 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.”

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