Bank of Jamaica
Encyclopedia
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.
was about to embark on the road to political independence. http://www.boj.org.jm/bank_history.php
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.
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 the 1st of April 1996 and who resigned on October 30, 2009.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
located in Kingston
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...
. 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
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
of Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
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 JamaicaJamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
was about to embark on the road to political independence. http://www.boj.org.jm/bank_history.php
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
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
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 DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
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
Don Wehby
Don Wehby is a Jamaican business executive. He 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...
, chief operating officer at GraceKennedy Limited and a former senator, has called for the separation of the positions of governor and chairman.
Brian Wynter
Brian Wynter
Brian Wynter is a Jamaican banker and financial regulator, who is notable for his work with the Financial Services Commission . In October 2009, it was announced that Mr Wynter will assume the position as Governor of the Bank of Jamaica on December 1, 2009.As Governor, he is Chairman of the Board...
, 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
Derick Milton Latibeaudiere
Hon. Derick Milton Latibeaudiere, OJ was Governor of Jamaica's central bank, the Bank of Jamaica who took office as Governor of the bank on the 1st April 1996 and is the first member of the Bank' s staff to have been appointed to this position. Mr...
who took up that post on the 1st of April 1996 and who resigned on October 30, 2009.