Jamaica

The island - discovered by Christopher COLUMBUS in 1494 - was settled by the Spanish early in the 16th century. The native Taino Indians, who had inhabited Jamaica for centuries, were gradually exterminated and replaced by African slaves. England seized the island in 1655 and established a plantation economy based on sugar, cocoa, and coffee. The abolition of slavery in 1834 freed a quarter million slaves, many of whom became small farmers. Jamaica gradually obtained increasing independence from Britain. In 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies. Jamaica gained full independence when it withdrew from the Federation in 1962. Deteriorating economic conditions during the 1970s led to recurrent violence as rival gangs affiliated with the major political parties evolved into powerful organized crime networks involved in international drug smuggling and money laundering. Violent crime, drug trafficking, and poverty pose significant challenges to the government today. Nonetheless, many rural and resort areas remain relatively safe and contribute substantially to the economy.

Economical characteristics

 * Currency: Jamaican dollar (ISO code: JMD)
 * Central bank discount rate: NA%
 * Commercial banks lending rate: 16.83% (31 December 2008)
 * Stock of money (M1): $1.253 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $4.244 billion (31 December 2008)

Notable events:

 * Banking crisis: 1994-1997, 1995-2000

Links

 * Jamaica on Wikipedia
 * Central bank of Jamaica
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile