Regulatory Alerts2019-01-01
Bank of Jamaica Act
The Bank of Jamaica Act establishes the Bank of Jamaica as a corporate body responsible for issuing currency, managing external reserves, and influencing credit supply to promote monetary stability. It defines the Bank's governance structure, including a Board of Directors appointed by the Minister, and outlines its capital, reserve funds, and powers to regulate commercial banks and specified financial institutions. The legislation further grants the Bank exclusive authority over note and coin issuance, designates it as banker to the Government, and provides for the supervision of foreign currency transactions and money transfers.
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