BOJ Issued $2.9 Billion During Last Five Working Days

The Bank of Jamaica (BOJ) says net currency issued during the last five working days of 2019, between December 23 and 31, totalled some $2.9 billion.

In a statement on Thursday (January 2), the BOJ said this out-turn for the week contributed to the overall $18.9 billion or 14.5 per cent growth in the currency stock for the month, consistent with expenditure associated with the festive Christmas season.

The Central Bank indicated that the overall stock of currency issued for the year totalled $148.9 billion as at December 31.

This, the BOJ said, represented an annual increase of 11.5 per cent, as against 20.4 recorded for the corresponding period in 2018.

“When the estimated change in consumer prices is taken into account, the real annual growth in currency at the end of December 2019 is 5.6 per cent, compared to 17.5 per cent for the corresponding period in 2018,” according to the Bank’s statement.

The BOJ said it anticipates that the majority of the currency in circulation during December will be redeemed during January.

It further noted that over the last five years, net currency redemption in January averaged 73.2 per cent of the sum issued in the preceding month.