July 29, 2019
Jamaica now has a foreign exchange code of conduct.
This follows the symbolic signing of the international best practice agreement by the Jamaica Bankers Association and the Cambio Association.
Governor of the Bank of Jamaica, Brian Wynter commends both financial associations for agreeing to the global code.
“The global codes provides common sets of guidelines to promote the integrity, transparency and effective functioning of the foreign exchange market’ Wynter says.
The local foreign exchange market has been volatile over past few months leading to criticism from business leaders and the parliamentary opposition which has questioned the central bank’s ability to stabilize the market.
The banking chief believes one advantage of the foreign exchange code of conduct is the strengthening of public trust.
Mr Wynter further states that this is a signal that Jamaica is open and ready for business.