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Total assets at the Bank of Jamaica (BOJ) amounted to $694.6 billion at the end of last year.

As stated in the Planning Institute of Jamaica (PIOJ) 2019 Economic and Social Survey, the sum represents a nominal seven per cent increase over the previous year.

The document indicates that foreign assets grew by 7.1 per cent to $481.2 billion, while local assets rose by 6.7 per cent to $213.4 billion.

The key driver of growth in the BOJ’s foreign assets was an 8.5 per cent increase in time deposits and other cash reserves.

Bank account time deposits cannot be withdrawn before a set date or for which notice of withdrawal is required.

The growth in local assets, according to the Survey, was spurred by a 79.7 per cent increase in advances to financial institutions to $16.4 billion, as well as a 10.9 per cent hike in Government of Jamaica securities holdings, which amounted to $172.5 billion.

In relation to the Central Bank’s liabilities, the Survey indicated that demand liabilities rose by 14.8 per cent to $485.8 billion.

These are liabilities that are payable on demand and include current deposits, cash certificates and cumulative/recurring deposits, and outstanding telegraphic transfers.

The 2019 out-turn in this category for the BOJ outweighed the 12 per cent decline in other liabilities to $185.6 billion.

Additionally, the Survey indicated that the Bank’s total capital and reserves increased by 55.3 per cent to $23.2 billion.

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