Stop at your nearest FX Trader for the best rates in buying and selling foreign exchange for over 7 different currencies. 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.
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. This article needs additional citations for verification. This article includes a list of references, but its sources remain unclear because it has insufficient inline citations. The history of currency in Jamaica should not be considered in isolation of the wider picture in the British West Indies as a whole.
The earliest money in Jamaica was Spanish copper coins called maravedíes. The three-halfpence coins came to be called “quartiles” or “quatties. The emancipation of the slaves in 1838 increased the need for coinage in Jamaica, particularly low-denomination coins, but the blacks were still reluctant to use copper. The solution was to use cupronickel, adopted in 1869. Pennies and halfpennies were minted for use in Jamaica, becoming the first truly Jamaican coins. Beginning in 1880, the farthing was also minted in cupronickel. In 1904, the first government-authorized banknotes were produced in the denomination of 10s.
5 were also being circulated by chartered banks. In 1918, denominations of 2s 6d and 5s were authorized. The 2s 6d note proved to have a short life, being withdrawn in 1922. In October 1960, the Bank of Jamaica was given the sole right to mint coins and produce banknotes in Jamaica. On January 30, 1968, the Jamaican House of Representatives voted to decimalize the currency by introducing the dollar, worth 10 shillings, to replace the Jamaican pound.
Coins and banknotes went into circulation on September 8, 1969. British West Indies in that it was essentially a half-pound sterling. All the other dollars either began on the US dollar unit or the Spanish dollar unit. Jamaica’s currency is the Jamaican dollar. The 1-cent coin was changed in 1975 to a twelve-sided shape and aluminium composition. Decagonal 50-cent coins were introduced in 1976 to replace the 50 cent banknote, but production for circulation ceased in 1989, along with that of the 20 cents.