1509 | Spaniards settle Jamaica and introduced copper maravedis |
1655 | British captured Jamaica from the Spaniards but Spanish coins continued to circulate |
1822 | First British coins to be used in Jamaica in denominations of ¼, 1/8, 1/16 dollar. Came to be known as 'anchor money' because of the design. |
1825 | British silver and copper coins introduced in general circulation |
1834 | British silver 3d and 11/2d coins introduced into Jamaica |
1836 | First commercial bank, the Bank of Jamaica established |
1837 | Colonial Bank, incorporated in England in 1836, begin operations in Jamaica |
1839 | Planters Bank established and issues bank notes |
1840 | British currency legal tender of Jamaica |
1848 | Planters Bank terminated its operations |
1864 | London and Colonial Bank began operating in Jamaica |
1864 | Bank of Jamaica ceased operations |
1865 | London and Colonial Bank closed |
1869 | First Jamaican coins issued in denominations of penny (1d) and half-penny (1/2d) |
1880 | First Jamaican farthing issued |
1889 | Branch of Bank of Nova Scotia Ltd established in Jamaica |
1900 | Bank of Nova Scotia issues bank notes in denominations of £1 and £5 pounds |
1911 | Royal Bank of Canada begins operating in Jamaica |
1920 | First Government of Jamaica bank notes issued in denominations of 2/6,5/- and 10/- |
1922 | 2/6 note withdrawn from circulation |
1925 | Colonial Bank incorporated with Barclays Bank |
1926 | Barclays Bank incorporated with the Anglo-Egyptian Bank and the National Bank of South Africa. Group known as Barclays Bank, Dominion, Colonial and Overseas (DCO) Notes issued in name of Barclays Bank D.C.O. |
1939 | Currency Board established |
1940 | Government of Jamaica issues £1 and £5 notes |
1954 | Private commercial banks prohibited from issuing bank notes |
1958 | Commercial bank notes demonetized |
1960 | Bank of Jamaica (central bank) established. |
1961 | Bank of Jamaica began operations. Notes issued in denominations of 5/-, 10/- 1 and £5 |
1962 | Jamaica gained independence from Great Britain. No change in notes and coins in circulation. |
1969 | Jamaica changed to a decimal system of currency (8 September) using dollars and cents Coins issued in denominations of 1c, 5c, 10c , 20c, 25c, Notes issued in denominations of 50c, $1, $2and $10 |
1970 | $5 note introduced |
1970 | Metallic content of 1c changed from copper to bronze |
1975 | New aluminium 1c coins introduced |
1976 | 50c note replaced by a coin and $20 note introduced |
1978 | New $10 and $20 introduced. Old notes demonetized |
1985 | Size of notes standardized and blind feature introduced |
1986 | $100 note introduced |
1988 | $50 note introduced |
1990 | $1 note replaced by a coin |
1991 | New 25c and 10c coins introduced |
1993 | Metallic content of $1 coin changed from nickel-brass to brass-plated steel |
1994 | $500 note introduced |
1994 | $5 coin issued to replace $5 note |
1994 | New nickel-plated $1coin introduced |
1995 | New 25c and 10c coins introduced |
1995 | Old coins (5c, 10c, 20c, 25c, 50c and $1) issued prior to December 1994 demonetized |
1997 | $10 note replaced by a coin |
2000 | $1000 note introduced and $20 note replaced by coin |
2009 | $5000 note introduced |
2018 | Demonetization of 1c,10c and 25c coins |
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.