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Bank Of Jamaica (Trading Bank)
The Bank of Jamaica ( jam, Bangk a Jumieka) 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. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Ownership
State ownership, also called government ownership and public ownership, is the ownership of an industry, asset, or enterprise by the state or a public body representing a community, as opposed to an individual or private party. Public ownership specifically refers to industries selling goods and services to consumers and differs from public goods and government services financed out of a government's general budget. Public ownership can take place at the national, regional, local, or municipal levels of government; or can refer to non-governmental public ownership vested in autonomous public enterprises. Public ownership is one of the three major forms of property ownership, differentiated from private, collective/cooperative, and common ownership. In market-based economies, state-owned assets are often managed and operated as joint-stock corporations with a government owning all or a controlling stake of the company's shares. This form is often referred to as a state-owne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derick Latibeaudiere
Hon. Derick Milton Latibeaudiere, OJ is the former governor of Jamaica's central bank, the Bank of Jamaica (BOJ) from 1996 to 2009. He took office as governor of the bank on 1 April 1996 and was the first member of the Bank' s staff to have been appointed to this position. Latibeaudiere also served as Chairman of the Board of Governors of the Bank of Jamaica and is Jamaica's Alternate Governor to the International Monetary Fund (IMF). He resigned as governor on 30 October 2009. Personal Loan Scandal In August 2008 information surfaced that Governor Latibeaudiere borrowed 51 million Jamaican dollars from the central bank to construct a house and furnish and landscape the grounds. The scandal began when it was brought to light that there was no evidence that the loan had been properly collateralised. Involvement outside the Bank of Jamaica Latibeaudiere also serves as Chairman of the Board of Directors of the Sugar Company of Jamaica (SCJ) and its subsidiary companies. He is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1961
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1961 Establishments In Jamaica
Events January * January 3 ** United States President Dwight D. Eisenhower announces that the United States has severed diplomatic and consular relations with Cuba (Cuba–United States relations are restored in 2015). ** Aero Flight 311 (Koivulahti air disaster): Douglas DC-3C OH-LCC of Finnish airline Finnair, Aero crashes near Kvevlax (Koivulahti), on approach to Vaasa Airport in Finland, killing all 25 on board, due to pilot error: an investigation finds that the Captain (civil aviation), captain and First officer (civil aviation), first officer were both exhausted for lack of sleep, and had consumed excessive amounts of alcohol at the time of the crash. It remains the deadliest air disaster to occur in the country. * January 5 ** Italian sculptor Alfredo Fioravanti marches into the U.S. Consulate in Rome, and confesses that he was part of the team that forged the Etruscan terracotta warriors in the Metropolitan Museum of Art. ** After the 1960 Turkish coup d'état, 1960 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Banks
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Central Banks
. Central banks Central banks Central banks This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*). Disappeared central banking jurisdictions * – Bank of Amsterdam (1609-1791) * – Taula de canvi de Barcelona (1401-1714) * – East African Currency Board (1919-1966) * – (''Hrvatska Državna Banka'', 1941-1945) * – National Bank of Czechoslovakia (1926–1939 and 1945-1950) and State Bank of Czechoslovakia (1950–1992) * – (1854-1875) * – Bank of Saint George (1407-1805) * – (1948-1968) and Staatsbank der DDR (1968-1990) * – Hamburger Bank (1619-1875) * – Bank of Korea (1909–1950) * – Central Bank of Manchou (1932-1945) * - Bank of Issue in Poland (1940-1945) * – (1765-1846) and (1847-1875) * – (1849-1861), itself formed through the merger of (1846-1849) and Banca di Torino (1847-1849) * – National Bank of Vietnam (1954-1975) * – Banco di Napoli, under di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Jamaica
The economy of Jamaica is heavily reliant on services, accounting for 70% of the country's GDP. Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar, and bananas. Weakness in the financial sector, speculation, and lower levels of investment erode confidence in the productive sector. The government continues its efforts to raise new sovereign debt in local and international financial markets in order to meet its U.S. dollar debt obligations, to mop up liquidity to maintain the exchange rate and to help fund the current budget deficit. The Jamaican government's economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, and use local raw materials. The government also provides a wide range of incentives to investors. Free trade zones have stimulated investm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brian Wynter
Brian Wynter (born in Jamaica, 1959) is a Jamaican banker and financial regulator, who is notable for his work with the Financial Services Commission (FSC)."The Governor" Bank of Jamaica. In October 2009, it was announced that he would assume the position as Governor of the Bank of Jamaica on 1 December 2009.Jamaica Information Service /ref> [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Don Wehby
Donald George Wehby is a Jamaican business executive and former politician. Wehby is group chief executive officer at GraceKennedy Limited, and a former senator and cabinet minister. In September 2007, he became a senator and Minister Without Portfolio in the Ministry of Finance and The Public Service. On 5 October 2009, he returned to GraceKennedy Limited and became the company's group chief operating officer. Career On 5 November 2009, Wehby called for governance changes at the Bank of Jamaica 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 ..., the country's central bank, following the resignation of the bank's governor. He said that the positions of governor and chairman of the bank should be split. Don Wehby became group chief executive officer of GraceKennedy Limited on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kingston, Jamaica
Kingston is the capital and largest city of Jamaica, located on the southeastern coast of the island. It faces a natural harbour protected by the Palisadoes, a long sand spit which connects the town of Port Royal and the Norman Manley International Airport to the rest of the island. In the Americas, Kingston is the largest predominantly English-speaking city in the Caribbean. The local government bodies of the parishes of Kingston and Saint Andrew were amalgamated by the Kingston and St. Andrew Corporation Act of 1923, to form the Kingston and St. Andrew Corporation (KSAC). Greater Kingston, or the "Corporate Area" refers to those areas under the KSAC; however, it does not solely refer to Kingston Parish, which only consists of the old downtown and Port Royal. Kingston Parish had a population of 89,057, and St. Andrew Parish had a population of 573,369 in 2011 Kingston is only bordered by Saint Andrew to the east, west and north. The geographical border for the parish of K ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Board Of Directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation, non-executive directors are elected by the shareholders, and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as Germ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister Of Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer". The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries: * in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank); * in some countries the finance minister might be assisted by one or more other ministers (some supported by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
