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JIS News

The Bank of Jamaica’s (BoJ) says total currency issued into circulation for the week leading up the Christmas holidays, from December 17 to 21, amounted to $13.9 billion.

This, it noted, represents a 12.2 per cent increase in the currency stock for the week, and was broadly in line with the $13.5 billion or 13.9 per cent increase for the corresponding period in 2017.

The BoJ, in a statement on Monday (December 24), said the currency issue for the review week represents a net increase of $18.1 billion or 16.5 per cent for the month, to December 21.

Additionally, the Bank said the increase is marginally higher than the projected $17.1 billion or 15.5 per cent expansion for the period

As at December 21, total currency issued amounted to $126.1 billion, reflecting an annual nominal 16.4 per cent increase, as against 16 per cent for the corresponding period in 2017.

“When the forecasted change in the general level of consumer prices is taken into account, the estimated real growth in currency for the period is 11.2 per cent, which is above the real growth of 10.2 per cent for the same period of the previous year,” the Bank’s statement further indicated.

The BoJ informed last week that the amount of money expected to be in circulation is projected to increase by $18.1 billion to $128.1 billion.

The increase is deemed broadly in line with increased consumer activity over the festive period.