Tue | Aug 22, 2017

More money in circulation says BOJ

Published:Wednesday | December 16, 2015 | 12:40 PM

The Bank of Jamaica (BOJ) is reporting that there is more money in circulation at this time of the year than was recorded for the same period last year.

The BOJ says on December 11, the stock of currency in the hands of the public and in the vaults of financial institutions was $72.9 billion.

It says this represents an increase of 14.1 per cent over last year. 

The Central Bank notes that growth for the review period, December 7-11, was faster than the annual growth of 9.1 per cent as at December 11, 2014.

The BOJ says it is anticipated that there will be an uptick in demand for currency during the period December 14-18, given public sector salary payments during this period, as well as a seasonal increase in spending related to the holiday period. 

It says currency issued during this period is projected to amount to approximately $9.17 billion, an increase of 12.8 per cent relative to figures recorded for the same period last year.

Meanwhile, the BOJ is reporting that for the period December 7-11, it issued $513.7 million to commercial banks, building societies and cambios resulting in a month-to-date net currency issue of $791.3 million.