Bank of Jamaica Governor Richard Byles - FILE PHOTO
By Prince Moore
The Bank of Jamaica says it is taking steps towards increasing its operational resilience, and that includes relocating some of its operations to a recently acquired property in St. Andrew.
The Central Bank says the operations to be carried out at the new location will not include services to the public.
Governor of the Bank of Jamaica Richard Byles, explaining the rationale on Friday, said the decision to activate the operational centre was to ensure continuity of central banking functions which are critical to business activity and government operations, and are required to facilitate transactions between Jamaica and the rest of the world.
Mr Byles added that, in the event of disasters, central banking services should remain intact or be among the first to be restored.
The Central bank Governor said the Bank being sited on the Kingston waterfront makes it particularly vulnerable to earthquakes and to the potential effects of sea level rise.
He said that building operational resilience and mitigating risks of various forms are especially critical as the bank prepares to assume wider prudential responsibilities for the regulation and supervision of the entire financial sector.
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