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$15.1 B increase in December currency stock

Published:Thursday | December 31, 2015 | 12:00 AM
The Bank of Jamaica, Nethersole Place, Kingston.

The Bank of Jamaica (BOJ) said that for the period December 21 to 24, 2015, its net-issued currency amounted to $5.8 billion, representing an increase of 7.1 per cent in the currency stock relative to December 18.

"The out-turn for December 24 resulted in a net increase of $15.1 billion or 21 per cent in the currency stock for the month-to-date, exceeding the bank's projected increase of $12.4 billion or 17.3 per cent," the central bank said in a release on Wednesday.

For the corresponding period of 2014, there was an increase of $14.2 billion or 22.1 per cent in the currency stock, it said.

As at December 24, 2015, the stock of currency was $87.3 billion, representing a point-to-point increase of 11 per cent relative to a year earlier.

That point-to-point currency growth as at December 24, 2015 was higher than the increases of 9.6 per cent and 6.6 per cent for the corresponding periods of 2014 and 2013, respectively.

"Despite the stronger than projected currency demand over the past week, the bank anticipates the usual strong currency reflows in the last week of December," the release said.

The BOJ said those reflows should continue into January 2016 as the bulk of currency injected during December is typically redeemed in January when the demand for liquidity to accommodate seasonal spending dissipates.

business@gleanerjm.com