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The Bank of Jamaica, formed by the Bank of Jamaica Law (1960), started operating in May 1961. The Bank of Jamaica is the country's central bank, headquartered in Kingston, and is responsible for the country’s monetary policy.
BOJ is at the heart of the local financial system and is tasked with promoting and maintaining financial system stability. Besides its monetary authority functions, the Bank regulates the activities of deposit-taking businesses and offers regulatory control for foreign exchange merchants and remittance firms.
The Bank also works to foster the development of local financial markets and supervises and maintains the primary clearing and settlement systems that allow financial institutions to transfer cash for a variety of financial transactions.