The Bank of Jamaica, established by the Bank of Jamaica Law (1960), began operations in May 1961, terminating the Currency
Board System which had been in existence from 1939. The establishment of the Central Bank was in recognition of the need for an appropriately regulated financial structure to encourage the development process, particularly as Jamaica was about to embark on the road to political independence.
The main objectives of the Central Bank were defined by the Bank of Jamaica Act to be:
- To issue and redeem notes and coins;
- To keep and administer the reserves of Jamaica;
- To influence the volume and conditions of supply of credit so as to promote the fullest expansion in production, trade and employment, consistent with the maintenance of monetary stability in Jamaica and the external value of the currency;
- To foster the development of money and capital markets in Jamaica;
- To act as banker to the Government.
In the earlier years, the Central Bank's role tended to be of a largely reactive nature as the institution grappled with several national and international developments. However, in recent years, monetary policy implementation has been characterized by a more proactive stance, as the Central Bank has actively sought to encourage the appropriate environment for economic growth and development. In this regard, in 1985, in collaboration with the International Bank for Reconstruction and Development, the Central Bank introduced a programme for financial reform - The Financial Sector Reform Programme (FSRP). This initiative was aimed at more effective inter mediation, through the encouragement of market forces and the strengthening of the Central Bank's capacity to implement monetary policy.
The Bank of Jamaica is run by a Board of Directors headed by the Governor of the Bank of Jamaica. The Board of Directors is composed of the Governor who is also Chairman of the Board, the Senior Deputy Governor, the Financial Secretary and six other directors. All are appointed by the Minister of Finance for five year terms. Don Wehby, chief operating officer at Grace Kennedy Limited and a former senator, has called for the separation of the positions of governor and chairman.
Brian Wynter, a former deputy governor, has been named as the new Governor of the Bank, effective December 1, 2009.
Until then, Audrey Anderson, senior deputy governor, is in charge of the Bank.
The most recent Governor of the Bank of Jamaica was Derick Milton Latibeaudiere who took up that post on 1 April 1996 and who resigned on October 30, 2009.
Under the Bank of Jamaica Act (1960), the conduct of monetary policy is aimed at regulating the growth of money and credit in line with the resources expected to finance economic activity and generate employment, without undermining the conditions of price stability.
The Foreign Exchange
section provides current and historical information on the movements of major currencies in relation to the Jamaican dollar
. The section also provides powerful search techniques for users to manipulate the data and generate customize reports.
The Central Bank stands at the center of the local financial system and is charged with the responsibility to promote and maintain financial system stability. To achieve this objective, the Bank supervises the activities of deposit-taking entities. In addition, the Bank seeks to promote the development of the local financial markets, and regulates and supports the major clearing and settlement systems.
- Currency of Jamaica:
- Jamaican dollar
- List of Central Banks:
- Central Banks
- Official website of Bank of Jamaica:
- Money & Capital Market:
- Finance Ministry of Jamaica: