- published: 04 May 2014
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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 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. [1]
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.
Coordinates: 18°10′57″N 77°19′18″W / 18.1823878°N 77.3217773°W / 18.1823878; -77.3217773
Jamaica (i/dʒəˈmeɪkə/), officially the Commonwealth of Jamaica, is an island nation of the Greater Antilles, 234 kilometres (145 mi) in length, up to 80 kilometres (50 mi) in width, and 10,990 square kilometres (4,240 sq mi) in area. It is situated in the Caribbean Sea, about 145 kilometres (90 mi) south of Cuba, and 191 kilometres (119 mi) west of Hispaniola, the island harbouring the nation-states of Haiti and the Dominican Republic. The indigenous Arawakan-speaking Taíno name for the island was Xaymaca, meaning the "Land of Wood and Water" or the "Land of Springs".
Once a Spanish possession known as Santiago, it became an English colony in 1655 under the name "Jamaica". It achieved full independence from Britain on August 6, 1962. With 2.8 million people, it is the third most populous anglophone country in the Americas, after the United States and Canada. It remains a Commonwealth realm in concert with the Monarchy of Jamaica holding ultimate executive power, where Queen Elizabeth II is the current head of state and Queen of Jamaica.Kingston is the country's largest city and the capital.
RADIO STATION | GENRE | LOCATION |
---|---|---|
StylzFM | Reggae | Jamaica |
Boneyaad Radio | Reggae | Jamaica |
Power 106 | World,Reggae | Jamaica |
NCU 91.1 | Christian Contemporary | Jamaica |
Reggae141 | Reggae | Jamaica |