The international practice is for the publication of a compilation of national payment and securities settlement information in journals referred to as Colour Books. These Colour Books are published periodically under the auspices of the Center for Latin American Monetary Studies (CEMLA), the World Bank and the Committee on Payment and Market Infrastructure (CPMI), formerly Committee on Payment and Settlement Systems (CPSS), of the Bank for International Settlements (BIS). The specific colour assigned to a book is based on the region from which the information is obtained. Accordingly, colours are designated regionally as follows:
The publication of the Yellow Book (YB) for Jamaica is expected to:
The Bank of Jamaica (the Bank) in collaboration with CEMLA and stakeholders within the financial sector in Jamaica initiated plans for the development of a systematic description of the national payments, clearing and securities settlement systems of Jamaica. This Yellow Book comprises seven (7) sections as follows:
The Payment System Department team from the Bank of Jamaica, led by Deputy Governor Livingstone Morrison, worked in close collaboration with the WHF Core Team to complete this Report. The Bank of Jamaica team was composed of Mrs. Novelette Panton, Senior Director, Payment System & Risk Management, Mrs. Sherry-Ann Crooks, Director Payment System Department (from March 2016), Ms. Patricia Rose Director Payment System Department (until February 2016), Kadah Harriot, Compliance and Monitoring Officer Payment System Department and Michael Marshall, Assistant Director Financial Stability Department. The members of the Core Team participating in the development of the Report were: Raúl Morales and YazmÍn Pérez (cemla). A final peer review was also carried out by Maria Teresa Chimienti (World Bank), member of the whf Core Team.
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Click for Yellow Book - 2016 |
setting interest rates to keep inflation low
contributing to a stable financial system
controlling our currency
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 Central Bank 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.
Under the Bank of Jamaica Act (1960), the conduct of monetary policy is aimed at regulating the growth of money and credit in line with the resources expected to finance economic activity and generate employment, without undermining the conditions of price stability.
The Foreign Exchange section provides current and historical information on the movements of major currencies in relation to the Jamaican dollar. The section also provides powerful search techniques for users to manipulate the data and generate customize reports.
Under the Bank of Jamaica Act, the central bank has sole authority for the issue of notes and coins used in Jamaica..
The Bank of Jamaica publishes in the daily newspaper each quarter, balance sheet data for commercial banks, building societies and licensees under the Financial Institutions Act . Such financial data is based on unaudited prudential returns submitted by the licensees to the Bank of Jamaica which are required to be certified by the licensee 's management as reflecting a true and fair representation of the affairs and condition of the institution at the reporting date.
The Bank of Jamaica is committed to providing information on its activities on a timely and continuous basis. In this regard, this section is designed to provide access to all major releases compiled by the Bank of Jamaica.
The Bank of Jamaica publications are aimed at providing quality economic and financial analysis and information on Jamaica as well as timely updates on matters relating directly to the functions of the Bank.