Bank of Jamaica: Difference between revisions
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|headquarters = [[Kingston, Jamaica|Kingston]], [[Jamaica]] |
|headquarters = [[Kingston, Jamaica|Kingston]], [[Jamaica]] |
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|established = [[May 1]], [[1961]] |
|established = [[May 1]], [[1961]] |
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|president = [[ |
|president = [[vacant on october,302009 ]] |
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|leader_title = Governor |
|leader_title = Governor |
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|bank_of = {{flag|Jamaica}} |
|bank_of = {{flag|Jamaica}} |
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The '''Bank of Jamaica''' is the [[central bank]] of [[Jamaica]] located in [[Kingston, Jamaica|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. |
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It is responsible for the [[monetary policy]] of [[Jamaica]] on the instruction of the [[Minister of Finance]]. |
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== History == |
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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. [http://www.boj.org.jm/bank_history.php] |
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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.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. |
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== Organisation == |
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The Bank of Jamaica is run by a [[Board of Directors]] headed 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. |
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The current Governor of the Bank of Jamaica is [[Derick Milton Latibeaudiere]] who took up that post on the 1st of April 1996. |
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== See also == |
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*[[Economy of Jamaica]] |
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*[[Jamaican dollar]] |
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==External links== |
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*[http://www.boj.org.jm/ Bank of Jamaica official site] |
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{{Central banks}} |
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{{bank-stub}} |
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{{Jamaica-gov-stub}} |
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[[Category:Central banks|Jamaica]] |
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[[Category:Economy of Jamaica]] |
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Revision as of 00:33, 5 November 2009
| Headquarters | Kingston, Jamaica |
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| Established | May 1, 1961 |
| Governor | vacant on october,302009 |
| Central bank of |  Jamaica |
| Currency | Jamaican dollar JMD (ISO 4217) |
| Website | Bank of Jamaica |
The '