From the Bank of Jamaica website:
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. This is in keeping with the Bank's main objective of safeguarding the value of the domestic currency. The other key objective of ensuring the stability of the financial system is organically related but operationally separate from the conduct of monetary policy.
In essence, the Bank's control over liquidity is effected through its management of the monetary base, (its operating target). Base money is the monetary aggregate, which is controlled effectively by the Central Bank and hence, provides the channel through which the Bank can manage liquidity levels. Adjustments in the monetary base affect interest rates, which in turn influence the level of credit and money supply, (its intermediate target), through the money multiplier process. Changes in these variables are ultimately aimed at maintaining a stable exchange rate and price level (its objective).
OPEN MARKET OPERATIONS (OMOs)
Money market trading between the Bank of Jamaica and authorized dealers, with the intention of influencing money and credit in the financial system. OMOs involve the outright sale or purchase of Government of Jamaica (GOJ) securities held by the Bank as well as issuance and redemption of the Bank’s own certificates of deposit (CDs)