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BOJ reports uptick in holiday currency flows

Published:Sunday | January 5, 2014 | 12:00 AM

The Bank of Jamaica (BOJ) said last Friday that money in circulation between Christmas and New Year's Eve increased by 7.9 per cent relative to the same period in 2012.

The increase was double the movement seen in December 2012 when currency in circulation increased by 3.3 per cent.

In a release, the central bank said the stock of currency as at December 31, 2013 was $69.8 billion, a net increase of $11.5 billion, or 19.6 per cent, in currency issue over November.

It said that the increase for the month was largely in line with the bank's projection.

The BOJ said it recorded "net currency redemption of $57.4 million or 0.08 per cent from commercial banks, building societies and cambios" for the period December 24 to 31, 2013.

It said the majority of the currency issued during December 2013 is expected to be redeemed during January 2014.

"Over the last five years, net currency redemption in January averaged 79.2 per cent of net currency issued in the preceding December," the bank said.