Jamaica-Netlink.Com: Travel Guide: Economic Conditions & Situation

Jamaica has an open economy with free movement of capital and goods. The currency is the Jamaican Dollar, which is pegged to the US Dollar and exchanged at the approx. rate of US$1 = J$38.50 at the date of writing in April, 1999. The Bank of Jamaica, as the central bank, executes monetary policy, regulates money and credit, issues currency, and oversees the commercial banks and other financial institutions. The banks include both locally owned and international banks such as Citibank N.A., Bank of Nova Scotia and Canadian Imperial Bank of Commerce.

A stock exchange and the operations of stock brokers and financial advisors are overseen by a Securities Commission. Insurance Companies, Merchant Banks, Investment Banks, Unit Trusts (Mutual Funds), Credit Unions, Building Societies and Pension Funds are subject to various forms of regulation and also play an important role in Jamaica’s financial sector.

Aerial View Of New Kingston Jamaica’s economy includes four primary productive sectors, namely, Hospitality and Tourism, Mining, Manufacturing and Agriculture. Over 1.7 million tourists visited Jamaica in 1995 to partake in Jamaica’s weather, environment and culture.

In mining, Jamaica is the third largest world producer of bauxite and alumina, with major investments by ALCAN, ALCOA, Kaiser Aluminum & Chemical Corp. and Hydro Aluminum of Norway.

Jamaica’s manufacturing sector produces a variety of consumer and industrial products including adhesives, apparel, batteries, beverages, cement, chemicals, cigarettes and cigars, cosmetics, edible oils, flour, footwear, furniture, glassware, metal extrusions, metal building materials, paints, packaging materials, paper forms, pharmaceuticals, plastics, soaps and cleansing products, sugar and a wide variety of food products. The manufacturing sector is complemented by a strong and diversified distribution sector dealing in both local and international products.

The agricultural sector, which is a large employer of labour, produces sugar cane, bananas, coffee, coconut, citrus, pimento, ginger, cocoa, dairy products, beef, pork, eggs, chicken meat and a wide variety of ground provisions and fruit.

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