Last Updated on December 26, 2019, 3:09 AM AST by Anthony Morris
The Bank of Jamaica (BOJ) has reported an increase of 11.2% in the total currency in circulation for week preceding Christmas to $14.7 billion from December 16 to 20.
Issuing a statement Jamaican central bank on Tuesday said that this is above the $11 billion or 9.8% increase recorded for the same period in 2018.
Further the Bank added that the figure translated into a $15.9 billion or 12.2 % net increase in the amount of currency for the month, up to December 20.
The central bank said this increase is broadly consistent with its expected 11.5% increase for the period as also the 11.9% for the corresponding period in 2018.
The Bank indicated the total currency in circulation for this year, up to December 20 totalled $145.9 billion, representing an 18.5% increase, relative to 15.4% for the same period in 2018.
The BOJ said that when the predicated change in the general level of consumer prices is taken into account, estimated real growth in currency for the period is 12.3%, which is largely in line with real growth of 12.6% for the corresponding period of the previous year.
On December 16, the Central Bank in a statement had indicated that total currency in circulation is projected to increase in December by $22.4 billion, or 17.2%, to $152.4 billion.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
