Currency circulation exceeds expectations — BoJ

The Bank of Jamaica in downtown Kinston.

The Bank of Jamaica (BOJ) is reporting an 11.2 per cent increase in total currency in circulation for the week preceeding Christmas to $14.7 billion.

The central bank said this week that this is above the $11 billion or 9.8 per cent increase recorded for the corresponding period in 2018. Additionally, the BoJ said the figure translated into a $15.9 billion or 12.2 per cent net increase in the amount of currency for the month, up to December 20.

The BoJ said this increase is broadly consistent with its projected 11.5 per cent increase for the period as also the 11.9 per cent for the same period in 2018. The central bank said the total currency in circulation for the year, up to December 20 totalled $145.9 billion. This represents an 18.5 per cent increase, relative to 15.4 per cent for the corresponding period last year.

“When the forecasted change in the general level of consumer prices is taken into account, the estimated real growth in currency for the period is 12.3 per cent, which is largely in line with the real growth of 12.6 per cent for the same period of the previous year,” the Bank outlined.