Thu | Jan 17, 2019

Just under $111 billion in circulation as Jamaicans shop for Christmas

Published:Saturday | December 23, 2017 | 12:35 PM

As Jamaicans look to complete their shopping for the Christmas holidays, the Bank of Jamaica (BOJ) says just under $111 billion was in circulation up to yesterday.

According to the Central Bank, this represents an annual nominal growth of 11.8 per cent, compared to 16.2 per cent for the corresponding period last year.

However, the BOJ says when the forecasted change in the consumer price index is taken into account the projected real growth in the currency stock is 6.8 per cent.

It says this is much lower than the real growth of 14.6 per cent for the same period last year.

The Central Bank says this week it issued approximately $12.8 billion dollars to financial institutions, representing an increase of 13.1 per cent in the currency stock for the final week of the Christmas holidays.

The BOJ says this was broadly in line with the $13 billion or 13.3 per cent increase in stock for the similar period in 2016.