Subscribe for all my updates and don't miss a thing! Sign me up!

Forex Jamaica
What Is That? And Who Manages It?

Sharing Is Caring! Share this awesome content with your friends now.

start_here_if_new_image_link

see_jamaica_in_videos_banner_july_2024_large
forex_jamaica_usdForex Jamaica | U.S. Dollars

By Treshauna Fillington

Approximately three (3) million tourists visit Jamaica per year via sea or air. With that number of visitors, can you imagine the number of foreign currency passing through our financial institutions? Of course, because even before visitors get here they are booking flights, accommodations, restaurants and so much more in their currency.

To hinder chaos and provide stability in the trading of these multiple currency a regulatory body has to be in place and the bank of Jamaica (BOJ) is the central depository institution that is responsible for governing the foreign exchange market in Jamaica (Forex Jamaica) 

New! Take a piece of Jamaica with you💃!

Savour the memories!  Now you can get your authentic Jamaican souvenir items, as well as traditional Jamaican herbs, spices and housewares on our popular e-store. Click Here to learn more.


And, if you ever need a trustworthy and knowledgeable local guide, consider booking a private tour with us!

So what exactly is the foreign exchange market?  It is basically the largest and most liquid market in the world. It is the place where currencies are traded.

It includes the buying, selling or exchanging of currencies at a current or determine rate. This market facilitates international trade and investment by enabling currency conversion.

The BOJ monitors the forex market to promote stability, collect and provides data to the public.  On a daily basis trading information is collected and summarize.  

For instance, if you want a summary of the trading of the major currencies (USD, CAD, GBP, EUR) you could visit the link https://boj.org.jm/market/foreign-exchange/daily-fx-spot-trading-summary/

forex_jamaica

The British pound has the strongest value in Jamaica. However, it is the US dollar that is more widely used and accepted especially in tourist areas.  In fact, most businesses in the hotel industry price their goods and services in US dollar. Visitors have the option of using USD to purchase goods or services if they do not have Jamaican dollars readily available. 

The US Dollar has become so well circulated in Jamaica, that even locals at times opt to use it.

The forex market is driven by the demand or the supply of a currency. Often times when you watch or listen to the business news you may hear the reporter says “the Jamaican dollar weaken or strengthens against the US dollar”.

But what does that mean?  A strengthening of Jamaican dollar means that the dollar has increased in value. Hence, you would receive more of a currency when buying.  A weaken Jamaican dollar means that it value less and you would receive less of a currency when buying.

Taking part in the forex market can be both risky and profitable. Even though you may know a friend, someone on the street corner or the plaza buying or selling currencies, the BOJ stipulates the authorized dealers.

These are registered commercial banks, merchant banks, building societies, cambios and hotels/resorts.  Many of these dealers have several branches located at different location throughout the island. 


For a list of the approved commercial banks, merchant banks and cambios in Jamaica, you can visit the BOJ website here

You might like these

Sharing IS Caring! Please help me get the message out by sharing this article with your friends on social media (links below). Thnx ;-)


If you found this page useful, please consider subscribing to my weekly newsletter, to get even more. 

It tells you each week about the new information that I have added, including new developments and great stories from lovers of Jamaica! 

Return to Jamaican Banks from Forex Jamaica
Return to My Island Jamaica Homepage from Forex Jamaica

References & Sources For Forex Jamaica

  1. https://boj.org.jm/

New! Comments

Have your say about what you just read! Leave me a comment in the box below.
Back To The Top Of This Page

New! Get My Latest Book👇🏿

JAMAICA_ON_A_BUDGET_EBOOK_COVER_LEAN

You asked, I've answered! You no longer need to save for months or years, to enjoy paradise!

JAMAICA On A Budget is your passport to experiencing what I call 'The Real Jamaica' on a budget!

I spilled the beans! sharing my top tips on finding cozy accommodations and secret gems, only the way a native could! Click Here to pick it up on my e-store and start saving now!

See The Best Of Jamaica - In Videos!

my_island_jamaica_channel_tv

My channel reaches over 140,000 subscribers worldwide and has leveraged over 11 million views, sharing, what I call 'The Real Jamaica'. Subscribe today and join our family of viewers.

Jamaica_subscribe_button

Read More ...

New! Experience The REAL Jamaica!
Book Your Private Tour here and experience Jamaica the way we (locals) do!

P.S. Didn't find what you were looking for? 
Still need help?

Click Here to try our dependable and effective Site Search tool. It works!

Or, simply click here and here, to browse my library of over 500 questions and answers! Chances are someone already asked (and got an answer to) your question.

copyscape
Back To The Top Of This Page

Like My Site? Please Click Here To Share It With Your Friends

Home   |   JOIN US   |   Site Search   |   Have Your Say   |   Archives   |   Old Archives   |   Contact   |   Disclaimer   |   TIP ME!   |   Link To Us


Do like I did! Share your passion
(about your city, hobby or experience) and make a living from it. Click Here to see how.

By Wellesley Gayle   |   Copyright © 2007-2024 My-Island-Jamaica.com   |   All rights Reserved.   |   Privacy Policy