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Christmas spending down

Published: Friday December 20, 2013 | 10:13 am Comments 0

The Bank of Jamaica (BOJ) says it is yet to see the strong demand for cash that is customary for the holiday season.

In its latest currency update it said it expects $71.8 billion to be in circulation by Christmas.

The BOJ says to date requests from financial institutions to satisfy the demand for cash for spending associated with the festive season has been slower than usual.

The bank is projecting that for December 2013, the currency stock will increase by $11.1 billion or 19 per cent compared to the end of November.

This represents a slower pace of increase when compared to the 19.2 per cent increase in 2012.

The BOJ says spending is also down this year as when the change in general level of consumer prices is taken into account, the projected demand for currency in real terms is 2.5 per cent less than for the previous year.

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