BOJ extends waiver of JamClear transaction fees

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BOJ extends waiver of JamClear transaction fees

Wednesday, April 01, 2020

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The Bank of Jamaica (BOJ) has further extended the waiver of transaction fees associated with all customer payment transactions until April 30.

The waiver of fees was announced earlier this month and took effect on March 20 and should have ended on March 31. However, the bank has further extended the period by a month to April 30.

The waiver, which also covers all single and multiple customer credit transfers, was employed in response to the COVID-19 pandemic and the associated restrictions in movement by the public. The move represents the continuation of the BOJs “proactive approach to encourage the use of electronic means of payments”.

JamClear®-RTGS participants are hereby advised of the extension. The BOJ says it will advise participants of any changes to this arrangement at the end of the period. In the meantime, the central bank says it anticipates that customers of participating institutions will benefit from this incentive.

Last week the BOJ announced a number of pre-emptive monetary measures, as part of its own COVID-19 response to assure financial institutions and the public of adequate access to both Jamaican and foreign currency liquidity during this challenging period.

Eight such measures, three in respect of foreign currency and five to do with Jamaican-dollar liquidity, were unveiled as the BOJ emphasised that Jamaica's financial system remains sound, well capitalised, and its current holdings of Jamaican-dollar liquid balances remain adequate.

 


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