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Q: Does the JMD have any nicknames?
A: The Jamaican Dollar has no recognized nicknames.
Q: What is the name of the central bank in Jamaica?
A: The central bank of the country is the Bank of Jamaica.
Q: What is the inflation rate in Jamaica?
A: The inflation rate of the country has reduced to 4.40% in June of 2017 from the previous months 4.60%
Q: What is the full spelling of the JMD with its correct capitalization?
A: The full spelling of the currency is Jamaican Dollar, with the capitalization as shown.
Q: Is the currency used in any other country outside Jamaica?
A: Previously, the currency was also used by the Cayman Islands, but as for now the JMD is only used in Jamaica.
Q: Which is the most commonly exchanged currency in the country?
A: Currency ranking studies show that the most popular exchange rate in Jamaica is the USD to JMD rate.
Q: What is the exchange rate between the GBP pound and the Jamaican Dollar?
A: Exchanging 1 GBP pound currently would give you 168.63 JMD.
Q: What does the above exchange rate mean?
A: The exchange rate between the two currencies shows that the GBP is much stronger than the Jamaican Dollar.
Q: Which sign is used to depict the currency?
A: The symbol for the Jamaican Dollar is $, however, to differentiate it from the USD, the symbol J$ is also commonly used.
Q: How stable is the currency? What is the cause of that?
A: The devaluation of the Jamaican Dollar has been continuous since the country's independence. This devaluation is due to the fact that the country has been suffering from an inadequate supply of foreign exchange. This has led the country to borrow from overseas to bridge the gap between demand and supply.
Q: What are the other currencies that are used in the country?
A: The most widely used currency in the country is the Jamaican Dollar. Apart from that, USD dollars are accepted in most hotels and shops especially in the tourist towns. The reason that other non-tourist towns may not readily accept USD dollars or other currency is the difficulty they face to exchange it to local currency.
Currency Information on Jamaican Dollar - JMD — Jamaican Dollar – J$
Banknotes in denominations of $50, $100, $500 and $1000 are frequently used, but denominations of $1, $2, $5, $10, $20 and $5,000 are not used regularly.
Coins are available in the denominations of 25c, $1, $5, $10 and $20, and whilst 1c, 10c and 50c coins have been issued, they are no longer used.
As with many currencies using the dollar sign to depict it, the Jamaican dollar uses a ‘J’ before the dollar symbol to differentiate it from other currencies called ‘dollar’.
The Jamaican dollar was introduced in 1969, when a vote was held to decimalise the countries’ currency.
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