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Bank of Jamaica

 

Bank of Jamaica Logo

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. 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 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.


The main objectives of the Central Bank were defined by the Bank of Jamaica Act to be:

    To issue and redeem notes and coins;
    To keep and administer the reserves of Jamaica;
    To foster the development of money and capital markets in Jamaica;
    To act as banker to the Government;
   To influence the volume and conditions of supply of credit so as to promote the fullest expansion in production, trade and employment, consistent with the maintenance of monetary stability in Jamaica and the external value of the currency.

In the earlier years, 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.
 

Bank of Jamaica HQ Location Map

Bank of Jamaica
HQ Address: Nethersole Place
Kingston
Jamaica
Telephone: +876 9220 750
Facsimile: +876 9220 854
Website: www.boj.org.jm
Email: info@boj.org.jm
Currency: Jamaican dollar
Banking Hours:
Mon - Thur  :  8.30am - 2.00pm
Friday         :  8.30am - 4.00pm
 

 

Bank of Jamaica stands at the center of the local financial system and is charged with the responsibility to promote and maintain financial system stability. To achieve this objective, the Bank supervises the activities of deposit-taking entities. In addition, the Bank seeks to promote the development of the local financial markets, and regulates and supports the major clearing and settlement systems.
 

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