The Board of Directors includes the Governor who is also Chairman of the Board, the Financial Secretary, the Senior Deputy Governor and six other directors. The Ministry of Finance appoints them all for five years. Derick Milton Latibeaudiere is the current Governor of Bank of Jamaica. He was appointed on that post on April 1st, 1996.
Being the nation's principal monetary authority it regulates the issues currency, money supply and also manages the rate of exchange. As the central bank of Jamaica the Bank of Jamaica has got a lot of responsibilities including overseeing monitory policy, to sustain currency stability, low inflation and full employment. It also has to regulate the credit system, act as a lender of last resort, and oversee commercial banks along with functioning as the bank of the Government.
Bank of Jamaica has to maintain adequate reserve backing for the commercial banks of the nation. For this it has to control the discount rate, making reserve advances to commercial banks, trading in government obligation as well as acting as the government's fiduciary agent when the government deals with other governments and other central banks.
Bank of Jamaica performs all necessary duties to make the country's economic growth stable.
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