Bank of Jamaica
| Headquarters | Kingston , Jamaica |
| founding | 1961 |
| country | Jamaica |
| currency | |
| ISO 4217 | JMD |
| Currency reserves | US $ 3.3 billion (November 2019) |
| Website | |
| List of central banks | |
The Bank of Jamaica is the central bank of Jamaica . Its headquarters are in Kingston . Its establishment was resolved by the Bank of Jamaica Act 1960 and it opened on May 1, 1961.
She is responsible for Jamaica's monetary policy on behalf of the Minister of Finance of Jamaica. The bank has the right to issue the Jamaican dollar .
history
The Bank of Jamaica, established by the Bank of Jamaica Act of 1960, began operations in May 1961 and ended the currency board system that had existed since 1939 . With the establishment of the Central Bank, the need for an adequate system of regulated financial structure to support the development process, especially as Jamaica was on the way to political independence, became apparent. In 1969 the Jamaican dollar was introduced as currency, replacing the pound sterling .
The role of the central bank has generally been largely reactive as the institution has had to deal with several national and international developments. In recent years, however, the implementation of monetary policy has been characterized by a more proactive stance as the central bank has actively sought to create an appropriate environment for economic growth and development. As a result, the central bank launched a financial reform program in 1985. This initiative aimed to improve improvement more effectively by stimulating market forces and strengthening the central bank's ability to implement monetary policy.
Individual evidence
- ↑ Jamaica Foreign Exchange Reserves. Retrieved January 29, 2020 .
- ↑ Bank of Jamaica | Brief History. Retrieved January 10, 2020 .