The Bank of Jamaica is the central bank of Jamaica located in Kingston. It was established by the Bank of Jamaica Act 1960[3] 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, managed by the Commissioners of Currency of Jamaica. 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.[4]
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.