Bank of Jamaica

Bank of Jamaica (BOJ) is the central bank of Jamaica, established in 1961 to replace the Currency Board System. As the central bank, BOJ plays a crucial role in promoting and maintaining financial system stability in Jamaica. Over the years, BOJ has transitioned from a reactive approach to a more proactive stance in implementing monetary policy to create a favorable environment for economic growth and development.

In addition to serving as the monetary authority, BOJ also supervises deposit-taking entities, regulates foreign exchange traders and remittance companies, and promotes the development of local financial markets. The bank ensures the safety and efficiency of payment systems, critical for various financial transactions. Recent amendments to the Bank of Jamaica Act have clarified the bank's mandate, with price stability and financial system stability as its primary objectives.

Inflation targeting has been enshrined in law as the tool for maintaining price stability. These amendments have also introduced the Monetary Policy and Financial Policy Committees, fostering a more collaborative decision-making process. Bank of Jamaica is committed to modernization and maintaining its independence as it continues to fulfill its role as the central bank of Jamaica