Jamaica | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Jamaica
Records
63
Source
Jamaica | Official exchange rate (LCU per US$, period average)
1960 0.714286
1961 0.714286
1962 0.714286
1963 0.714286
1964 0.714286
1965 0.714286
1966 0.714286
1967 0.724207
1968 0.833334
1969 0.83333375
1970 0.833333
1971 0.83280175
1972 0.76746
1973 0.90909
1974 0.90909
1975 0.90909
1976 0.90909
1977 0.90909
1978 1.41325833
1979 1.76477833
1980 1.78142
1981 1.78142
1982 1.78142
1983 1.9322175
1984 3.94280417
1985 5.55855833
1986 5.47783333
1987 5.48666667
1988 5.48855417
1989 5.74464167
1990 7.184025
1991 12.115875
1992 22.96035
1993 24.94855
1994 33.08593333
1995 35.14211667
1996 37.11955833
1997 35.40446667
1998 36.55
1999 39.04351667
2000 42.9857
2001 45.99625
2002 48.41594167
2003 57.74087375
2004 61.1972
2005 62.28071494
2006 65.74385754
2007 69.19216185
2008 72.75620341
2009 87.89411981
2010 87.19614633
2011 85.8934632
2012 88.74980239
2013 100.3978832
2014 110.93452781
2015 116.96977665
2016 125.0950346
2017 127.96454418
2018 128.87151906
2019 133.31211834
2020 142.40283276
2021 150.79010594
2022 153.42681648

Jamaica | Official exchange rate (LCU per US$, period average)

Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar). Development relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world. Limitations and exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output. Statistical concept and methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.
Publisher
The World Bank
Origin
Jamaica
Records
63
Source