Regulatory Alerts1960-01-01
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Bank of Jamaica Act, 1960 (with amendments to 2015)
The Bank of Jamaica Act establishes the central bank's capital structure, reserve fund requirements, and its exclusive authority to issue legal tender currency. It empowers the Bank to regulate the monetary system by setting asset coverage ratios, controlling credit volumes, and prescribing interest rates for commercial banks. Additionally, the Act mandates the licensing of exchange bureaus and money transfer agencies while providing mechanisms for fixed penalty enforcement against regulatory violations.
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