The Bank of Jamaica is the central bank of Jamaica located in Kingston. It was established by the Bank of Jamaica Act 1960 and was opened on May 1, 1961. It is responsible for the monetary policy of Jamaica on the instruction of the Minister of Finance.
History
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. [1]
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.
Organisation
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 GraceKennedy 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.
See also
- Economy of Jamaica
- Jamaican dollar
References
External links
- Bank of Jamaica official site
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