Jamaicans shift deposits to US dollars at accelerated pace in 2025

Jamaicans and local businesses moved the equivalent of J$95 billion into US dollar accounts at a pace six times faster in 2025 than the year before, amid Hurricane Melissa uncertainty, according to the Bank of Jamaica’s (BOJ) 2025 annual report. The BOJ attributed the acceleration to a combination of factors, including Jamaicans being cautious in hedging their bets in case of currency depreciation.