Jamaican Dollar
Jamaican Dollar
Currency Code
JMD
ISO 388
Symbol
JMD
Native: $
Decimal Digits
2
Rounding: 0
Countries
JM
Using this currency
Currency Units
Major Unit
Name: dollar
Symbol: $
Minor Unit
Name: cent
Symbol: c
Value: 0.01
Banknotes
Frequently Used
$50$100$500$1000$5000
Coins
Frequently Used
$1$5$10$20
Rarely Used
1c10c25c
Plural Forms
English Plural
Jamaican dollars
Native Plural
Jamaican Dollars
Overview
The Jamaican Dollar is the currency of Jamaica, managed by the Bank of Jamaica. It has been free-floating since 1991 and serves the country's tourism and bauxite-dependent economy in the Caribbean.
Economy
- Jamaica is a member of CARICOM, OAS, Commonwealth, ACS, CELAC.
- Main industries include: Tourism, Bauxite/alumina, Agro-processing, Light manufactures, Rum, Cement, Metal, Paper, Chemical products, Telecommunications.
- Jamaica is part of the World Trade Organization.
- Imports are food and other consumer goods, industrial supplies, fuel, parts and accessories for capital goods, machinery and transport equipment, construction materials.
- Major exports include alumina, bauxite, chemicals, coffee, mineral fuels, sugar, rum, yams.
- GDP: $17.6 billion (2023 est.).
- GDP per capita: $6,024 (2023 est.).
- Unemployment rate: 4.5% (2023 est.).
- Inflation rate: 6.4% (2023 est.).
- Main trading partners: United States, Netherlands, Canada, China, Germany, Trinidad and Tobago.
- Trade agreements: CARICOM Single Market, CARIFORUM-EU EPA, Various bilateral agreements.
History
- Previous currencies used: Jamaican pound, British West Indies dollar.
- The Jamaican dollar was introduced in 1969, replacing the Jamaican pound. It was initially pegged to the British pound, then the US dollar, before becoming free-floating.
- 1969: JMD introduced, replacing Jamaican pound
- 1971: Bank of Jamaica established
- 1973: Peg switched from GBP to USD
- 1991: Adoption of flexible exchange rate
- 2013: IMF Extended Fund Facility program
- 2019: Graduation from IMF program
- Exchange rate peg: GBP (1969-1973).
- Exchange rate peg: USD (1973-1991).
- Exchange rate peg: Free floating (1991-present).
General Information
- ISO 4217 Code: JMD
- Symbols: JMD/$
- Currency Subunits: 100 cents
- Central Bank: Bank of Jamaica
- Monetary Policy: Inflation targeting with 4-6% range. Free-floating exchange rate with focus on price stability and supporting economic growth.
- Bills: 50 JMD, 100 JMD, 500 JMD, 1000 JMD, 5000 JMD
- Coins: 1 dollar, 5 dollars, 10 dollars, 20 dollars
- USD Exchange Rate: Variable (approximately 155-160 JMD per USD)
- Pegged To: None (Floating)
- Capital: Kingston
- Population: 2,825,544 (2023 est.)
- Area: 10,991 km²
- Languages: English (official), English patois
- Time Zones: UTC-5 (Eastern Standard Time year-round)
- Government Type: Parliamentary democracy under constitutional monarchy
- Head of Government: Prime Minister (head of government), Governor-General (representing British Crown)
- Independence: August 6, 1962 (from United Kingdom)
- Ethnic Groups: Black 92.1%, Mixed 6.1%, East Indian 0.8%, Other 0.4%, Unspecified 0.7%
- Religions: Protestant 64.8%, Roman Catholic 2.2%, Jehovah's Witnesses 1.9%, Rastafarian 1.1%, Other 6.5%, None 21.3%, Unspecified 2.3%
- Literacy Rate: 88.7% (2015 est.)
- Transport: Norman Manley International Airport, road networks, limited rail, major ports (Kingston, Montego Bay)
- Communications: Good telecommunications, 64% internet penetration, comprehensive mobile coverage
- Energy: Oil 87%, Hydroelectric 3%, Wind 7%, Solar 2%, Bagasse 1%
- Countries Using This Currency: Jamaica
- Data Sources: Central Bank: Bank of Jamaica (boj.org.jm), Economic Data: Statistical Institute of Jamaica, World Bank, IMF, Trade Data: Jamaica Customs Agency, Demographic Data: Statistical Institute of Jamaica, Geographic Data: Meteorological Service Jamaica, Historical Data: Bank of Jamaica archives
- Last Updated: 2025