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Bank Of Jamaica Says Billions Of Dollars Were In Circulation Last Month

KINGSTON, Jamaica, January 6, 2019 (CMC) – The Bank of Jamaica (BOJ) says J$23.6 billion had been in circulation during the month of December, last year, representing a 21.4 percent increase, over the corresponding period in 2017.

The BOJ said the figure also exceeded its J$18.1-billion or 16.1-percent projection, relative to December 2017.

In a statement, the BOJ said that net currency, issued to financial institutions during the last six days of December this year, totalled J$5.5 billion, which was substantially higher than the projected J$412.4 million.

Additionally, it was above the J$860.2-million currency issue for the corresponding period in 2017, and the average J$1.39 billion, over the past five years.

The Central Bank noted that the increase for December 2018, consequent on Christmas festivities, also exceeded that for the previous year and was the largest recorded by the month since 2007.

“The faster currency growth possibly reflected improved [gross domestic product] growth, employment and retroactive wage settlements during the period,” the BOJ said in the statement.

Meanwhile, the BOJ has advised that the total currency, issued for last year, amounted to J$133.5 billion, representing an annual increase of 20.4 percent, relative to 12.9 percent at the end of December 2017.

“When the estimated change in consumer prices is taken into account, the real annual growth in currency at the end of December 2018, was 15.9 percent, compared to 7.3 percent for the corresponding period in 2017,” the Central Bank statement said.

The BOJ said that it anticipates that most of the currency, issued in December, will be redeemed during January. It added that net currency redemption in January, over the last five years, has averaged 75.8 percent of the preceding month’s issue.


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