The Jamaican Dollar (JMD) to US Dollar (USD) exchange rate in 2024 reflects a year of moderate fluctuation, influenced by global economic trends, regional financial developments, and monetary policy shifts. This comprehensive review provides an in-depth look at the JMD to USD performance throughout 2024, highlighting key trends, monthly summaries, and overall market behavior.
Key Exchange Rate Highlights for 2024
In 2024, the Jamaican Dollar experienced a slight depreciation against the US Dollar, with the exchange rate closing down by approximately -0.83% year-on-year. Despite this decline, the JMD demonstrated resilience amid broader Caribbean economic challenges.
- Highest Rate: 1 JMD = 0.006540 USD on April 3, 2024
- Lowest Rate: 1 JMD = 0.006272 USD on November 22, 2024
- Annual Average: 1 JMD = 0.006396 USD
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Monthly Breakdown of JMD to USD Performance
January 2024: Stable Start to the Year
The year began with relative stability, as the exchange rate hovered between 0.006419 and 0.006486 USD. The average rate for January was 0.006450 USD, reflecting investor confidence at the start of the fiscal year. The strongest performance occurred on January 3, while the weakest was recorded on January 25.
February 2024: Gradual Decline
February saw a downward trend, with the rate dipping to a low of 0.006372 USD on February 15. This marked the first significant weakening of the JMD in 2024, possibly influenced by external debt concerns and inflationary pressures. The average rate settled at 0.006398 USD.
March 2024: Strong Recovery
March brought a notable rebound, with the exchange rate peaking at 0.006513 USD on March 26—the highest point before April’s peak. This strength was likely driven by improved tourism revenues and central bank interventions. The monthly average was 0.006467 USD, the highest of any month in the first half.
April 2024: Peak Performance
April marked the highest exchange rate of the year at 0.006540 USD on April 3. However, the rate declined steadily afterward due to rising US Treasury yields and regional capital outflows. By month-end, it had dropped to 0.006399 USD, pulling the average down to 0.006450 USD.
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May 2024: Volatility and Correction
May experienced increased volatility, starting strong but ending with a low of 0.006372 USD on May 3. The average rate was 0.006399 USD, signaling growing pressure on the JMD amid global risk-off sentiment.
June 2024: Mixed Signals
June began positively with a high of 0.006458 USD but ended near its lowest point at 0.006397 USD on June 25. The average stood at 0.006424 USD, showing continued uncertainty in foreign exchange markets.
July 2024: Downward Pressure
July saw consistent depreciation, hitting a monthly low of 0.006374 USD on July 11. The average rate of 0.006394 USD indicated mounting economic headwinds, including higher import costs and trade imbalances.
August 2024: Weakest Month So Far
August proved to be one of the most challenging months, with the rate plunging to 0.006343 USD on August 15—the lowest point until November. Market jitters over global growth and regional fiscal policy contributed to the slide. The average was 0.006377 USD, the lowest monthly average of the year.
September 2024: Recovery Attempt
September showed signs of stabilization, though it included a sharp drop to 0.006335 USD on September 24. A brief spike to 0.006434 USD early in the month suggested speculative activity or short-term inflows. The average was 0.006367 USD.
October 2024: Continued Weakness
October deepened the downward trend, reaching a new low of 0.006293 USD on October 21—the weakest level since mid-year. The average fell to 0.006317 USD, reflecting sustained pressure on Jamaica’s balance of payments.
November 2024: Record Low
November recorded the lowest exchange rate of the year at 0.006272 USD on November 22. Despite some recovery later in the month, investor caution dominated due to global tightening cycles and domestic economic forecasts.
December 2024: Year-End Rebound
December brought a strong recovery, with rates climbing back above 0.0064 USD by mid-month and peaking at 0.006429 USD on December 30—the second-highest rate of the year. Improved remittance inflows and holiday-season tourism likely supported this rebound. The monthly average was 0.006394 USD, helping stabilize annual figures.
Core Trends and Analysis
Several factors shaped the JMD/USD exchange rate in 2024:
- US Federal Reserve Policy: Persistent high US interest rates strengthened the USD globally, putting downward pressure on emerging market currencies like the JMD.
- Jamaica’s Inflation and Debt Levels: While inflation moderated slightly, public debt remained high, affecting investor confidence.
- Tourism and Remittances: These key foreign exchange earners showed resilience, providing critical support during periods of depreciation.
- Central Bank Interventions: The Bank of Jamaica engaged in selective forex operations to smooth volatility.
Frequently Asked Questions (FAQs)
What was the highest JMD to USD exchange rate in 2024?
The highest rate was 1 JMD = 0.006540 USD, recorded on April 3, 2024.
What was the lowest JMD to USD exchange rate in 2024?
The lowest rate was 1 JMD = 0.006272 USD, observed on November 22, 2024.
What was the average JMD to USD exchange rate in 2024?
The annual average was 1 JMD = 0.006396 USD.
Did the Jamaican Dollar strengthen or weaken against the US Dollar in 2024?
The Jamaican Dollar weakened by approximately -0.83% against the US Dollar over the course of 2024.
When did the JMD/USD rate peak in 2024?
The peak occurred in early April, specifically on April 3, when the rate reached its highest point of the year.
How does inflation affect the JMD/USD exchange rate?
Higher inflation in Jamaica compared to the US typically reduces purchasing power and can lead to depreciation of the JMD against the USD.
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Final Thoughts
The Jamaican Dollar’s performance in 2024 illustrates the challenges faced by small open economies in a volatile global environment. While the currency showed resilience during periods of strong inflows, external pressures led to notable depreciation by year-end. Looking ahead to 2025, economic reforms, debt management strategies, and regional stability will be key determinants of future exchange rate trends.
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