North and Central America

The Federal Reserve, the Central Bank of The United States, was founded by Congress in 1913 to provide the nation with safer, more flexible, and more stable monetary and financial system.

The Bermuda Monetary Authority is responsible for the licensing of banks, deposit companies and investment businesses, the issue and redemption of Bermuda notes and coins, supervision of Bermuda's financial institutions, providing advice to Government.

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 creation of Banco Central de Cuba (BCC), as disposed by the Council of State by means of Decree-Law No. 172, of May 28, 1997, provided the country with an institution, capable of concentrating its efforts in the execution of its central banking functions and established a two-tier banking system integrated by Banco Central de Cuba and a group of banks and non-banking financial institutions, capable of coping with the needs which arise from the development of new ways to organise the internal and external economic relations of the country.