The establishment of the Central Bank was in recognition of the need for an appropriately regulated financial structure to encourage the development process, particularly as Jamaica was about to embark on the road to political independence.

[4] The Central Bank's role tended to be of a largely reactive nature as the institution grappled with several national and international developments.

However, in recent years, monetary policy implementation has been characterized by a more proactive stance, as the Central Bank has actively sought to encourage the appropriate environment for economic growth and development.

This initiative was aimed at more effective intermediation, through the encouragement of market forces and the strengthening of the Central Bank's capacity to implement monetary policies.

Don Wehby, chief operating officer at GraceKennedy Limited and a former senator, has called for the separation of the positions of governor and chairman.