JMD (Jamaican Dollar)
Candlefocus EditorWhen the JMD was first established, it was linked to the U.S. Dollar, with an exchange rate of 1 USD = 0.88 JMD. In 1973, the Jamaican dollar was unpegged from the U.S. Dollar, and it has fluctuated freely in the open market since then.
The JMD is issued and regulated by the Bank of Jamaica. The most common Jamaican dollar exchange is the USD/JMD rate, which is the most actively traded currency pair on the Jamaica Stock Exchange and the Caribbean Stock Exchange. As of April 2021, the exchange rate is 1 USD = 150.27 JMD, which has been relatively stable in recent years due to domestic economic stability.
The JMD is also used in a number of other Caribbean countries, including Belize, Guyana, and the Cayman Islands, but is not accepted in any other countries. The currency is often used to pay for goods and services in Jamaica and other countries in the region and is accepted by most banks and other financial institutions.
In addition to coins and paper notes, the Jamaican dollar is also available in a variety of other forms, such as traveler’s checks and prepaid cards. Jamaican dollars are available in denominations up to and including 100,000 units for cent coins, and up to and including 10,000 units for paper notes.
In conclusion, the Jamaican dollar (JMD) is the currency of Jamaica and is divided into 100 cents. It is issued and regulated by the Bank of Jamaica, and is accepted as legal tender in Jamaica and other countries in the region. The JMD is traded in the foreign currency market, with the most popular exchange rate being USD/JMD.