What Is JMD (Jamaican Dollar)?
Let me tell you directly: JMD stands for the Jamaican dollar, which is the official currency of Jamaica, the island nation. It's divided into 100 cents, and you'll see it symbolized as J$ or JA$.
Key Takeaways
You need to know that JMD is the abbreviation for Jamaica's official currency, split into 100 cents. In the forex market, the key pair is USD/JMD, which was at 1 USD = 150.27 JMD back in April 2021. Importantly, the JMD was the first dollar tied to half a pound sterling, not the Spanish or US versions.
Understanding the JMD (Jamaican Dollar)
Current JMD banknotes come in J$50, J$100, J$500, J$1,000, and J$5,000 denominations. On the front, they include large print symbols or numbers for the visually impaired, along with portraits of key Jamaican figures like heroes or past prime ministers. The backs show Jamaican scenes or landmarks.
In tourist spots, many places accept US dollars, but if you're off the beaten path, expect to use JMD only. Merchants set their own rates for foreign cash, so you might get a bad deal depending on their policy. The Cayman Islands once used the JMD too. As of July 4, 2021, the USD/JMD rate was 1 USD = 150.05 JMD.
The Bank of Jamaica got sole rights to mint coins and notes in 1960, though De La Rue in England has printed notes since 1920. Jamaica switched to decimal currency in 1968. Again, JMD was based on half-pound sterling, a first of its kind.
JMD took over from the Jamaican pound in 1969, with both coins and notes in use initially, but coins have replaced some bills over time. A J$1,000 note started in 2000, and J$5,000 in 2009. The Bank of Jamaica limits how many coins you can use in a transaction and sets caps on denominations.
From the latest 2019 World Bank data, Jamaica's inflation is at 3.9%, and GDP growth was 0.7%.
History of the JMD (Jamaican Dollar)
Jamaica's money history involves various currencies over time. Original inhabitants bartered without formal money. Spanish colonization in the 16th century brought Spanish coins for trade. By the British colonial era two centuries later, British currency dominated, sometimes customized. Jamaica was unique in the West Indies for its own pound sterling coins.
