This includes persons studying abroad or with foreign-based educational institutions, persons who get medical attention abroad and those who incur debt denominated in foreign currencies.īut a depreciating currency is also good news. It increases the expenses of Jamaicans who have foreign currency commitments but have no matching foreign currency sources. It also causes the cost of public transportation to increase, as well as the price of other goods due to the higher costs of moving goods through various stages to the consumer.īeyond that, it also affects the price of water and electricity and the many products and services for which their use is required.Ī depreciating currency is bad news as it contributes to inflation and makes the cost of living higher. When its price increases, it causes the cost of running a motor car for domestic use to increase. The effect can be more far-reaching as in the case of petrol. Their higher prices cause the prices of the finished products to increase though not necessarily to the same degree as the increase in the price of the raw material, considering that other materials could also be used in the production process. The impact on the price of some goods, such as motor vehicles, is seen readily.īut some goods are used as inputs in the making of other goods. The price of imports increases in terms of the Jamaican dollar as it requires more Jamaican dollars to pay for them. When the value of the Jamaican dollar falls, it affects all of us. They may also buy foreign currency if it advantageous to do so, and the monetary authorities may raise local interest rates to encourage locals to hold local currency rather than foreign currencies. Governments through their central banks intervene in the foreign exchange market by selling some of their reserves of foreign currency to boost supply thereby protecting the value of the local currency. For example, the Jamaican dollar tends to hold its value quite well against foreign currencies during the tourist season when earnings of foreign currency are high, and higher inflows of remittances at year end tend to have the same effect. The price of foreign exchange is sometimes affected by seasonal factors. The market may deal cautiously with a currency if it is unsure of the direction a government may take or if government actions are perceived to be unfriendly to business. Political uncertainty or instability may affect exchange rates adversely. On the other hand, high inflation may lead to expectations of a country's goods and services being less competitive in the market, leading to a fall in exports and reduced foreign currency earnings and a lower price for the local currency. In addition to the net inflow of foreign currency arising from a surplus of exports of goods and services over imports, foreign currency flows into a country when its real interest rates that is, nominal interest rate less inflation are high relative to rates obtainable elsewhere in the international market. Worst exchange rate of March 2022: 152.2046, Best exchange rate of March 2022: 155.4023, Average exchange rate in March 2022: 153.Sign up for The Gleaner’s morning and evening newsletters. Worst exchange rate of February 2022: 153.9447, Best exchange rate of February 2022: 157.804, Average exchange rate in February 2022: 156.3277 Worst exchange rate of January 2022: 153.6633, Best exchange rate of January 2022: 156.3743, Average exchange rate in January 2022: 154.9547 US Dollar to Jamaican Dollar Monthly Exchange Rates Converting US Dollar (USD) to Jamaican Dollar (JMD) in 2022 with the best, worst and average exchange rates of the year Table of 1 US Dollar to Jamaican Dollar Exchange Rate:
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