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The Bank of Jamaica (Jamaican Patois: Bangk a Jumieka) is the central bank of Jamaica located in Kingston. It was established by the Bank of Jamaica Act 1960 [ 3 ] and was opened on May 1, 1961. It is responsible for the monetary policy of Jamaica on the instruction of the Minister of Finance .
Jamaica constitutes an independent Commonwealth realm. [3] The Constitution vests executive power in the Cabinet, led by the Prime Minister. Executive power is exercised by the government. Legislative power is vested both in the government and in the Parliament of Jamaica. The Prime Minister is appointed by the governor-general, the common ...
The Jamaica Accords focus was to abolishment of the Gold Standard that the Bretton Woods System had previously established. [9] In order to create a more stable international monetary system, the Jamaica Accords served to create a more versatile foreign exchange rate that focused on a floating foreign exchange rate. [10]
Edward Philip George Seaga ON (/ ˈ s iː ɑː ɡ ə / SEE-ah-gə; 28 May 1930 – 28 May 2019) [1] was a Jamaican politician and record producer. [2] He was the fifth Prime Minister of Jamaica, from 1980 to 1989, and the leader of the Jamaica Labour Party from 1974 to 2005. [3]
As a constituent province of the West Indies Federation, Jamaica became independent of the United Kingdom on 6 August 1962 under the Jamaica Independence Act 1962. Under the West Indies Act 1962, the monarchy of the United Kingdom was allowed to form governments for the former colonies of the West Indies Federation.
Jamaica's share of the seats in the federal parliament was smaller than its share of the total population of the Federation. It was believed that the smaller islands would be a drain on Jamaica's wealth – the financial rewards of the island's bauxite were beginning to roll in. Jamaica was somewhat isolated in distance from the other islands.
The Jamaica Independence Act 1962 (10 & 11 Eliz. 2. c. 40) is an Act of the Parliament of the United Kingdom that granted independence to Jamaica with effect from 6 August 1962. As a result of the Act, Jamaica became the first English-speaking country in the West Indies to achieve full independence from the United Kingdom.
Title IX; Long title: An Act to amend the Higher Education Act of 1965, the Vocational Education Act of 1963, the General Education Provisions Act (creating a National Foundation for Postsecondary Education and a National Institute of Education), the Elementary and Secondary Education Act of 1965, Public Law 874, Eighty-first Congress, and related Acts, and for other purposes.