$14.7 Billion in Circulation December 16 to 20 – BOJ

The Bank of Jamaica (BOJ) is reporting an 11.2 per cent increase in total currency in circulation for the week preceding Christmas (December 16-20) to $14.7 billion.

In a statement on Tuesday (December 24), the BOJ said this is above the $11 billion or 9.8 per cent increase recorded for the corresponding period in 2018.

Additionally, the Central Bank said the figure translated into a $15.9 billion or 12.2 per cent net increase in the amount of currency for the month, up to December 20.

The BOJ said this increase is broadly consistent with its projected 11.5 per cent increase for the period as also the 11.9 per cent for the same period in 2018.

The Bank indicated the total currency in circulation for the year, up to December 20 totalled $145.9 billion, representing an 18.5 per cent increase, relative to 15.4 per cent for the corresponding period in 2018.

“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 12.3 per cent, which is largely in line with real growth of 12.6 per cent for the same period of the previous year,” the BOJ added.

In a statement on December 16, the Central Bank indicated that total currency in circulation is projected to increase in December by $22.4 billion, or 17.2 per cent, to $152.4 billion.