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JIS News

The stock of money in circulation as at Thursday, December 18, stood at just over $48.75 billion, representing an increase of 1.34 per cent, relative to the stock of some $48 billion, which obtained for December 20, 2007.
The Bank of Jamaica (BoJ) has attributed the relatively small increase of money in circulation to the slowdown in economic activity, as well as the increased use of debit and credit cards in commercial transactions. “These alternative means of payment are, however, growing at a slower rate, relative to the previous year,” the Bank observed in a recent release.
As anticipated, the demand for currency increased significantly during the past week, as public sector salaries, including retroactive amounts, were paid out.
“It is expected that the flows during this period will amount to approximately $4.4 billion, putting the stock at approximately $47.0 billion by December 19,” a release from the Central Bank on December 15, had projected.
The Central Bank expects the increase in currency demand, relative to last month, to continue up to Christmas Eve, reflecting the usual intense shopping period, which ends on December 24.