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Economic Indicators
| Outturn for FY2010/2011 | Targets for FY2011/2012 | |
|---|---|---|
| Inflation (%) | 7.8 | 6.0 - 8.0 |
| NIR (US$MN) | 2548.8 (1) | 2000.1 |
| Base Money Growth (%) | 2.1 | 8.5 - 9.5 |
| GDP-12mth change(%) | -1.0 - 0.0* | 1.0 - 2.0 |
Foreign Exchange
| 15 May 12 | BUY | SELL | ||
|---|---|---|---|---|
USD : | $ 87.3605 | $ 87.8340 | ||
CAD : | $ 87.1535 | $ 87.5430 | ||
GBP : | $ 139.1394 | $ 140.6746 | ||
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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.
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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.
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Monetary Policy
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.
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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.
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Under the Bank of Jamaica Act, the central bank has sole authority for the issue of notes and coins used in Jamaica..
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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.
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