23/03/2020: COVID-19 Pandemic Impact
The rand experienced significant volatility and depreciation as a result of the COVID-19 pandemic, affecting the country's economy and trade balance.
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.
12/02/2013: Currency devaluation
To stabilize the economy, the Jamaican Dollar was devalued by approximately 16.5% against major currencies.
28/11/2010: IMF agreement
Jamaica reached an agreement with the International Monetary Fund (IMF) for a financial support program to address economic challenges.
15/12/2008: Global Financial Crisis Impact
The rand plunged against major currencies due to the global financial crisis and concerns about South Africa's economic stability.
09/11/2001: Rand Weakens to Record Low
The rand weakened to an all-time low against the US dollar, due to global economic uncertainty and domestic political concerns.
01/01/1995: Establishment of Reserve Bank Independence
The South African Reserve Bank gained independence, allowing it to have more control over monetary policy.
30/04/1994: Foreign exchange liberalization
Jamaica lifted restrictions on foreign exchange, allowing for more flexible trade and investment opportunities.
27/04/1994: First Democratic Elections
The first democratic elections were held in South Africa, marking the end of apartheid and bringing political stability, positively affecting the rand's value.
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.
01/08/1982: Currency Decimalization
The rand was decimalized, with 1 rand being equal to 100 cents.
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.
14/09/1961: Introduction of the Rand
The South African rand was introduced as the official currency, replacing the South African pound.