- Bank of Jamaica
Infobox Central bank
image_title_1 = Bank logo
image_title_2 = Bank of Jamaica's main building
headquarters = Kingston,
May 1, 1961
Derick Milton Latibeaudiere
leader_title = Governor
bank_of = flag|Jamaica
currency_iso = JMD
website = [http://www.boj.org.jm/ Bank of Jamaica]
footnotes =The Bank of Jamaica is the
central bankof Jamaicalocated in Kingston. It was established by the [http://www.boj.org.jm/pdf/boj_act_1960.pdf Bank of Jamaica Act 1960] and was opened on May 1st 1961.It is responsible for the monetary policyof Jamaicaon the instruction of the Minister of Finance.
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
Jamaicawas about to embark on the road to political independence. [http://www.boj.org.jm/bank_history.php]
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 policyimplementation 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.As a result, the Central Bank introduced a programme for financial reform - The Financial Sector Reform Programme (FSRP) in 1985. This initiative was aimed at more effective intermediation, through the encouragement of market forces and the strengthening of the Central Bank's capacity to implement monetary policies.
The Bank of Jamaica is run by a
Board of Directorsheaded by the [http://www.boj.org.jm/bank_governor.php 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.
The current Governor of the Bank of Jamaica is
Derick Milton Latibeaudierewho took up that post on the 1st of April 1996.
Economy of Jamaica
* [http://www.boj.org.jm/ Bank of Jamaica official site]
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