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BOJ Annual Report 2020

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BOJ Annual Report 2020 ANNUAL REPORT 2020 Report and Statement of Accounts for the Year Ended 31 December 2020 ⓒ 2021 Bank of Jamaica Nethersole Place Kingston Jamaica W.I. Telephone: (876) 922 0750-9 Fax: (876) 967 4265 Email: [email protected] Website: www.boj.org.jm Twitter: @CentralBankJA Facebook: @CentralBankJA YouTube: Bank of Jamaica ISSN 0067 3668 Bank of Jamaica Annual Report and Financial Statements for the year ended 31 December 2020, prepared pursuant to subsection 44(1) of the Bank of Jamaica Act. This publication available on the BOJ website (http://boj.org.jm/publications/publications_show.php?publication_id=4). Printed in Jamaica PREFACE This Annual Report reviews the operations of the Bank of Jamaica which include monetary policy, financial system stability, payment system oversight, currency and financial market operations. In keeping with the Bank’s continued engagement with stakeholders, the Annual Report also provides a summary of the Bank’s strategic plan, governance, communications, outreach and financial inclusion activities. Information in this new design is presented in an easy-to-flow format with stylized highlights and pictures. In addition, the icon on the right has been embedded in some sections of the Annual Report. This new feature is a guide to links to related topics, publications, statistics and videos on the Bank’s website and social media channels. As is customary, the Report includes the Bank's audited financial statements as at the end of the calendar year. BOARD OF Richard Byles Governor & Chairman DIRECTORS Wayne Robinson Christine Clarke Andrea Coy Deputy Chairman Weiden Daley Gary Hendrickson, C.D. Wayne Henry Darlene Morrison COMMITTEE OF ADMINISTRATION E. George Roper Deputy Govenor/Chairman Mark Anderson Executive Director, Financial Markets Artwell Bernard Chief Information Officer/Division Chief, Information Technology & Records Management Calvin Brown Division Chief Human Resources Andrea Clarke Chief Strategy Officer, Strategic Planning and Project Management Centre Leo-Rey Gordon Head, Financial Stability Noel Greenland Executive Director, Communications Victor Henry Division Chief, Facilities Management & Protective Services COMMITTEE OF ADMINISTRATION Cont’d Avlana Johnson Deputy General Counsel, Legal Jide Lewis Chief Prudential Officer, Financial Institutions Supervisory Chevanese Morais Division Chief, Banking & Currency Operations Novelette Panton Division Chief, Financial Markets Infrastructure Carey-Anne Williams Division Chief, Research & Economic Programming Ian Williams Financial Controller/Division Chief, Finance OTHER SENIOR MANAGEMENT Keron Burrell Deputy Division Chief – Regulation and Policy, Financial Institutions Supervisory Division Wainet Fearon Division Chief – Bank Examination, Financial Institutions Supervisory Division Angela Foote Chief Audit Executive Internal Audit Division Sharon Miller-Betty Deputy Division Chief, Monetary Policy Development and Research, Research & Economic Programming Division Odean White Chief Risk Officer, Corporate Risk Management BANK OF JAMAICA PRINCIPAL OFFICERS As at 31 December 2020 GOVERNOR & SUPERVISOR Richard Byles SENIOR DEPUTY GOVERNOR Wayne Robinson DEPUTY GOVERNORS Maurene Simms, C.D. (Deputy Supervisor of - Financial Institutions Supervisory Division Banks) Karen Chin Quee Akin (General Counsel) - Corporate Secretary and Legal Services Division E. George Roper - Finance, Technology & Administration Division Natalie Haynes - Banking, Currency Operations & Financial Market Infrastructure Division Robert Stennett - Research & Economic Programming & Financial Stability Division DIVISION CHIEFS Jide Lewis (Chief Prudential Officer) - Financial Institutions Supervisory Division Calvin Brown - Human Resources Division Wainet Fearon - Financial Institutions Supervisory Division Chevanese Morais - Banking & Currency Operations Division Carey-Anne Williams - Research & Economic Programming Division Novelette Panton - Financial Markets Infrastructure Division Victor Henry - Facilities Management and Protective Services Division Artwell Bernard - Information Technology & Records Management Division Ian Williams (Financial Controller) - Finance Division Angela Foote (Chief Audit Executive) - Internal Audit Division 2020 at POLICY RATE INFLATION 0.50% 5.2% The key policy rate was held at 0.50 per Inflation remained within the target for 11 cent per annum throughout the course of months, breaching the upper limit once due the year to a temporary shock in agricultural food prices associated with drought conditions. GROSS RESERVES UNEMPLOYMENT RATE US$4.1 billion 10.7% The country maintained a strong reserve As at October 2020. position, equivalent to 122.3% of the ARA metric at end-2020. a Glance NO. OF DEPOSIT-TAKING PRIVATE SECTOR CREDIT TO GDP INSTITUTIONS (DTIs) RATIO 11 43.7% The total number of licensed DTIs operating in Jamaica At end-2020, private sector credit as a remained unchanged, comprising 8 commercial banks, percentage of GDP increased to 43.7% 1 merchant bank and 2 building societies. from 39.5% at end-2019. GOJ 180-DAY TREASURY CURRENCY IN BILL CIRCULATION 0.86% $190.5 billion At end-2020, the weighted average yields At end-2020, this represented an increase in the on GOJ 180-day Treasury Bills declined value of currency in circulation by 28.0% when to 0.86% from 1.60% at end-2019. compared to end-2019. CONTENTS Abbreviations Overview by the Governor Role and Functions 1 Governance 4 Administration 11 Strategic Plan 2018-2020 15 Review of Activities: Monetary Policy 19 Financial System 28 Payment System 45 Currency 51 Financial Market Operations 55 Financial Inclusion 71 Financial Deepening 74 Corporate Risk Management 78 Communications and Corporate Social Responsibility 82 Financial Statements i ABBREVIATIONS ABM Automated Banking Machine ACH Automated Clearing House ACL Average Circulation Life AML/CFT Anti-Money Laundering and Combating the Financing of Terrorism BCP Business Continuity Plan B-FXITT BOJ Foreign Exchange Intervention and Trading Tool BIS Bank for International Settlement BMI Benchmark Investment Bn Billion BOJ Bank of Jamaica bps Basis points BSJ Bureau of Standards Jamaica CAR Capital Adequacy Ratio CARICOM Caribbean Community CBDC Central Bank Digital Currency CD Certificate of Deposit CEO Chief Executive Officer CIP Credit Information Provider CPI Consumer Price Index DTIs Deposit-taking Institutions EPOC Economic Programme Oversight Committee ERPS Electronic Retail Payment Services FATF Financial Action Task Force FRC Financial Regulatory Committee FSSC Financial System Stability Committee FX Foreign Exchange FY Fiscal Year GDP Gross Domestic Product GFA Gross Foreign Assets GOJ Government of Jamaica HRD Human Resource Development HQLA High Quality Liquid Assets HWEG Housing, Water, Electricity, Gas and Other Fuels IMF International Monetary Fund JamClear®-CSD Central Securities Depository JamClear®–RTGS Real Time Gross Settlement JDIC Jamaica Deposit Insurance Corporation JMD Jamaica Dollar JMMB Jamaica Money Market Brokers LCR Liquidity Cash Ratio MaFI Macro-Financial Index Mn Million MiPI Micro-prudential Index MPCC Monetary Policy Consultation Clause NIDS National Identification System NIR Net International Reserves NPL Non-Performing Loans NRA National Risk Assessment OMO Open Market Operations PD Primary Dealers POS Point of Sale PSE Public Sector Entity QIS Quantitative Impact Study RFI Rapid Financing Instrument RMB China renminbi RTGS Real Time Gross Settlement S&P Standard and Poor’s SBA Stand-by Arrangement SC Supervisory Committee SDR Special Drawing Rights SGSC Supervisory Guidance Steering Committee SLF Standing Liquidity Facility US United States USA United States of America USD United States dollar UWI University of the West Indies VR Variable Rate WASR Weighted Average Selling Rate WATBY Weighted Average Treasury Bill Yield WGPSLAC Working Group on Payment Systems for Latin America and the Caribbean WTI West Texas Intermediate (crude oil) Y-O-Y Year-over-Year Bank of Jamaica Annual Report 2020 OVERVIEW BY THE GOVERNOR Bank of Jamaica’s operations were significantly impacted by the spread of the novel Coronavirus (COVID-19) during 2020, with the first confirmed domestic case of the virus reported in mid-March 2020. In response to the pandemic, the government mandated several measures to slow the spread of the virus. These measures included curfews, social distancing protocols, work-from-home orders and the temporary shutting of international borders. Against this background, Bank of Jamaica had to make strategic adjustments to its operations and policy framework during the year. A considerable slowdown in economic activity in the country also contributed to policy changes by the Bank. The policy adjustments included the implementation of a number of proactive initiatives aimed at assuring the financial system of access to adequate Jamaica dollar and foreign currency liquidity while maintaining an adequate level of international reserves. At the same time, the Bank maintained its focus on ensuring that inflation remained within the target of 4.0 per cent to 6.0 per cent. The Bank also made significant modifications to its operations to ensure that staff remained capable and equipped to carry out their duties safely and in an optimal manner. Strategic Plan In the context of the COVID-19 pandemic, Bank of Jamaica implemented adjustments to the final year of its 2018- 2020 ‘Mission Excellence’ strategic plan to ensure the continued smooth functioning of day-to-day operations while maintaining
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