JMD - Jamaican Dollar

The Bank of Jamaica (BOJ), established in 1961, is responsible for issuing and managing the Jamaican Dollar. It controls monetary policy, works to stabilize inflation, and smoothens the operation of the country’s financial system. The JMD operates on a floating exchange rate system, with the central bank monitoring market conditions.

Jamaica introduced the Jamaican Dollar in 1969, replacing the Jamaican Pound. They wanted to shift to a decimal-based currency that helped them align with other international economies. Moreover, it simplified the daily transactions for people all over the country.

In 1969, Jamaica made a bold financial leap, replacing the colonial-era Jamaican Pound with the new Jamaican Dollar (JMD). This was an extension of the independence Jamaica wanted to demonstrate, by taking a decisive break from the British monetary system for a modern decimal system (1 dollar = 100 cents).

The Jamaican Dollar's symbol is the familiar “$” sign. In international finance, the abbreviation “JMD” is used to distinguish it from other dollar-denominated currencies. The dollar sign has been associated with Jamaica’s currency since its adoption in 1969, depicting both its colonial past and eventual independence. If you're curious about the Jamaican Dollar’s value, denominations, and history, read our complete overview of Jamaica’s currency.