Regulatory Alerts2020-12-22
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Bank of Jamaica (Amendment) Act, 2020
The Government of Jamaica enacted the Bank of Jamaica (Amendment) Act, 2020, to significantly revise the principal Bank of Jamaica Act, updating definitions, governance structures, and operational frameworks. This amendment redefines the Bank's principal objectives to prioritize price stability and financial system stability, clarifies the responsibilities of the Board of Directors, and establishes a new Monetary Policy Committee for policy formulation. Furthermore, it introduces a "fit and proper person" standard for appointments, revises the Bank's capital structure to J$20.577 billion, and mandates government recapitalization through marketable securities if the statutory capital falls below 3% of monetary liabilities.
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