01/01/2021: End of Monetary Dualism
The Cuban government completed the currency unification process, eliminating the convertible peso (CUC) and establishing a single currency system with the Cuban peso (CUP).
16/03/2015: Bank of Jamaica Act
The Bank of Jamaica Act was passed, granting the central bank greater autonomy in executing monetary policy and promoting financial stability.
20/12/2013: Currency Unification Implementation
The Cuban government officially started the process of currency unification, gradually phasing out the convertible peso (CUC) and improving monetary policy.
12/02/2013: Currency devaluation
To stabilize the economy, the Jamaican Dollar was devalued by approximately 16.5% against major currencies.
25/10/2011: Currency Unification Announced
The Cuban government announced plans to eliminate the dual currency system and unify the CUP and CUC.
28/11/2010: IMF agreement
Jamaica reached an agreement with the International Monetary Fund (IMF) for a financial support program to address economic challenges.
08/12/2004: Elimination of US Dollar Circulation
The Cuban government announced the withdrawal of the US dollar as legal tender and introduced the convertible peso (CUC) as a replacement.
07/12/1994: Dollarization Decree
Cubans were allowed to hold and transact in foreign currencies, primarily the US dollar, to counter the economic crisis.
01/08/1994: Special Period
The Cuban economy faced a severe crisis due to the collapse of the Soviet Union, leading to currency devaluation and economic reforms.
30/04/1994: Foreign exchange liberalization
Jamaica lifted restrictions on foreign exchange, allowing for more flexible trade and investment opportunities.
25/03/1991: JMD devaluation
Due to economic pressures, the Jamaican Dollar was devalued by 33.3%, leading to an increase in the exchange rate.
05/08/1971: Currency decimalization
Jamaica decimalized its currency, dividing the Jamaican Dollar into 100 cents instead of 20 shillings.
07/02/1969: Jamaican Dollar introduced
The Jamaican Dollar (JMD) was introduced as the official currency of Jamaica, replacing the Jamaican pound.
01/01/1961: Nationalization of Banks
The Cuban government nationalized all private and foreign-owned banks, including their currency holdings.