BOJ Projects $152.4 Billion In Circulation For December

The Bank of Jamaica (BOJ) is projecting a $2.4-billion increase in total currency in circulation during December to $152.4 billion, relative to the sum in November, in keeping with heightened activities associated with the festive Christmas season.

In a statement on Tuesday (December 17), the Bank said the projection represents a 14.1 per cent increase, compared to 20.4 per cent for the corresponding period in 2018.

The BOJ noted that the forecast is generally consistent with the five-year average growth of 17.6 per cent for the month of December.

According to the BOJ, net currency issued between December 1 and 13 this year stood at $1.2 billion (0.9 per cent), which was $1 billion lower than the corresponding period last year.

The Bank further pointed out that the stock of currency in the hands of the public as also the vaults of financial institutions, as at December 13, totalled $131.2 billion.

“When the forecasted change in the general level of consumer prices is taken into account, the projected real growth in currency for the year is 8.3 per cent, which is much lower than the real growth of 17.5 per cent for the previous year,” the BOJ’s statement said.