Increase in currency flow for Christmas

Published: Sunday | December 22, 2013 Comments 0

With demand for currency traditionally higher during the Christmas period, the Bank of Jamaica (BOJ) says flows during this period are projected to amount to approximately $11.7 billion.

The central bank expects the increased demand for currency to span the period December 17 to 24, "given public sector salary payments to be made by mid-week as well as an expected intensification of spending related to the holiday season."

The uptick in demand marks an increase of 19.4 per cent relative to the currency stock noted on December 16, 2013, the BOJ said in a release on Thursday.

The central bank recorded net currency issue of $2.2 billion for the period December 9 to 16 to commercial banks, building societies, and cambios.

"This contributed to net currency issue of $1.3 billion or 2.2 per cent for the month to date," the release said.

The growth for the month to date is currently below the Bank's projection and is also slower than the expansion of 2.5 per cent for the similar period of 2012.

As at December 16, 2013, the currency stock stood at $59.6 billion, representing an increase of 7.2 per cent relative to a year earlier.

"This growth is faster than the annual growth of 1.8 per cent for the corresponding period of 2012," the BOJ said.

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