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The Jamaica Exchange Rate Today | PLUS A Historical Perpective

You'll often hear that here in Jamaica, the US dollar is accepted at all hotels or resorts, restaurants and just about anywhere. 

Also, you can always convert to local currency when you get here as well. 

But what of the Jamaican Dollar? How valuable is it?  How much will you get when you convert? Let’s take a deeper look at the Jamaican currency and its exchange rate.

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The Fleeing Jamaican Dollar

Did you know that dollars could fly, run and slide? Well, it happens right here in Jamaica, if not everyday, ever too often :-)

Yep, that our local association of inflation and fluctuation of the exchange rate in relation to the Jamaican dollar.

You 'bet your bottom dollar', pun intended, that the money you have today, may be worth squat tomorrow if you do not invest wisely!

To get some insight, let’s go back in history and take a look at the introduction of the Jamaican currency.

The Introduction of the Jamaican Currency

I heard my grandparents speak about the days of the pound, shilling and pence, and the vast amount of things they could buy. 

They also spoke of quatties, pennies and half pennies -all legacies of British Colonial rule.

Those were the currencies used back in the day, before our independence in 1962 and also a few years after. 

Read more on the history of Jamaica here.

But in 1960, The (BOJ) Bank of Jamaica, was given the job of producing bank notes as well as to mint coins. 

They released the notes of 5 shillings, 10 shillings, 1 pound & 5 pound in May of 1961,

These notes remained in circulation for another seven years until 1968 when there was a vote by the House of Representatives to convert the currency to a decimal with the introduction of the dollar.

1969 became a historic year for Jamaica, as this was when the first truly Jamaican currencies were introduced, on September 8th with these notes and coins:

• 10 dollar -  This was equivalent to 5 pounds - Bank note
• 2 dollar -  This was equivalent to 1 pound  -  Bank note
• 1 dollar -  This was equivalent to 10 shillings - Bank note replacing the Jamaican pound
• 50 cents -   This was equivalent to 5 shillings – Bank note
  
  
  
• 25 cents -   This was equivalent to 2 shillings and 6 pence
• 20 cents -   This was equivalent to 2 shillings
• 10 cents -   This was equivalent to 1 shillings
•   5 cents -   This was equivalent to 6 pence &
  
•   1 cent  -    This was equivalent to 1.2 pence

Other denominations were later introduced as follows:

• 5 dollar  - On October 20, 1970
• 20 dollar – In June 1976
• 50 cent coin, to replace its banknote -  June 1976
• 100 dollar note -  On December 2, 1986
• 50 dollar note -  On July 27, 1988
• 500 dollar note -  In 1994
• 1000 dollar note -   2000, and the most recent,
  
• The 5000 dollar note -  September 24, 2009

Some of these notes were however converted to coins later.

At the time of writing here, the lowest note that currently exist is the $50 note and the highest note being the $5000 note.

Jamaica Exchange Rate (At Today's Date)

As of Friday, November 29, 2019, the Jamaica exchange rate to the bench mark US dollar stood at J$136.28 to US$1.  The get the very latest rate today, click here or the link below.

You will be amazed to know that the Jamaica dollar was actually stronger than the US dollar in value between December 31, 1971 and January 13, 1978, valuing between J$0.77  and J$0.91 to  the USD.

As the years progress  you will see the gradual decline from the comparison table below...

Jamaican Exchange Rate (Year On Year)

YEAR	JMD For 1 USD
1971 Average	0.77
1972 Average	0.77
1973 Average	0.90
1974 Average	0.91
1975 Average	0.91
1976 Average	0.91
1977 Average	0.91
1978 Average	1.41
1979 Average	1.76
1980 Average	1.78
1981 Average	1.78
1982 Average	1.78
1983 Average	1.92
1984 Average	3.94
1985 Average	5.58
1986 Average	5.50
1987 Average	5.51
1988 Average	5.51
1989 Average	5.77
1990 Average	7.24
1991 Average	12.22
1992 Average	22.99
1993 Average	25.11
1994 Average	33.29
1995 Average	35.35
1996 Average	37.25
1997 Average	35.51
1998 Average	36.65
1999 Average	39.20
2000 Average	43.08
2001 Average	46.08
2002 Average	48.54
2003 Average	57.93
2004 Average	61.34
2005 Average	62.50
2006 Average	65.88
2007 Average	69.06
2008 Average	72.92
2009 Average	88.49
2010 Average	87.38
2011 Average	86.08
2012 Average	88.99
2013 Average	100.77
2014 Average	111.22
2015 Average	117.62
2016 Average	125.48
2017 Average	128.46
2018 Average	129.62
2019 Average To Date	134.24

As you can see, after 1991, when the exchange rate got into double figures of 12.22 (average), the dollar really took a nose dive!

Jamaica Exchange Rate For Other Currencies

Per Scotiabank Jamaica, a leading commercial bank in Jamaica today,  the following was the exchange rate in Jamaica for its our 10 trading partners.

Bear in mind that this changes on the fly though, remember I warned you before?

To get the very latest and more accurate rates, now and anytime in the future, visit the Bank Of Jamaica currency exchange rate page using the link below.

What's Next For The Jamaican Dollar?

The current exchange rate regine of a flexible exchange rate is still considered by many as the best option, all things been equal, but clearly there are the missing elements in the equation to remove the unpredictability in the system.

This was so, according to Michael Lee Chin, chair of the EGC, The Economic Growth Council in 2016. He (and indeed the majority of Jamaicans) has a an issue with the fact that flexibility appears to go in one direction for us.

We may not be able to get back to JMD$0.77 to 1USD,  as in the early 1970's, though that's my wish, but much more needs to be done to stem this and further slides, wouldn't you agree?

Can I say 'over to the political leadership'?

Oh actually, I just did :-)

References

• "Counter Rates", http:www.boj.org.jm/foreign_exchange/fx_historical_rates.php
• "Historical Rates", http://www.boj.org.jm/uploads/excel/Historic_rates.xls
• "The Jamaican Dollar", https://en.wikipedia.org/wiki/Jamaican_dollar
• "Jamaican Exchange Rate Regime NOT Credible; EGC", http://nationwideradiojm.com/jamaican-exchange-rate-regime-not-credible-egc/
  

Other Pages Related To The Jamaica Exchange Rate

• Best Places To Visit In Jamaica
• Top places to vacation in Jamaica
• Recommended: Our question and answer forum
  
  

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