The Bank of Jamaica ( jam, Bangk a Jumieka) is the

central bank 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 ba ...

Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of His ...

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 Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...

on the instruction of the

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", " ...

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

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,

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.

Organization

The Bank of Jamaica is run by a

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 organiz ...

headed by th
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 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 ...

, chief operating officer at GraceKennedy Limited and a former senator, has called for the separation of the positions of governor and chairman. Governors of the Bank of Jamaica since 1960. George Arthur Brown was the first Jamaican appointed as the governor. *Stanley Waldon Payton: June 1960 - December 1964 *Richard T. P. Hall: December 1964 - June 1967 *George Arthur Brown: July 1967 - July 1977 *Herbert Walker: November 1977 - November 1981 *Horace Barber: January 1983 - October 1985 *Headley Brown: November 1985 to March 1989 *George Arthur Brown: October 1989 - September 1992 *Roderick Rainford: October 1992 - June 1993 *Jacques Bussières: June 1993 - March 1996 *

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 bee ...

: 1 April 1996 - 30 October 2009 *

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).

: November 2009 - August 2019 *Richard Byles: August 2019 -

References

External links

Bank of Jamaica official site
{{Authority control

1961 establishments in Jamaica Banks established in 1961 Banks of Jamaica Companies based in Kingston, Jamaica

History

Organization

See also

References

External links