Bank of Jamaica Press Release

PRESS RELEASE - Bank of Jamaica Special Deposit, 9 January.

Effective tomorrow 10 January 2003 the Bank of Jamaica will institute a "Special Deposit" Requirement for commercial banks and institutions licensed under the Financial Institutions Act. Each institution will be required to place cash deposits with the Central Bank equivalent to 5% of its Jamaica dollar deposit liabilities.

This measure is being instituted in a context of increased speculation and heightened instability in the foreign