Last Updated on January 6, 2020, 5:21 AM AST by Anthony Morris
The Bank of Jamaica (BOJ) disclosed that a total of $2.9 billion net currency was issued during the last five working days of the previous year, between December 23 and 31.
In a statement, the Jamaican central bank said this out-turn for the week contributed to the overall $18.9 billion or 14.5 % growth in the currency stock for that month, consistent with expenditure associated with the Christmas season.
The BOJ indicated that as of December 31 a total of $148.9 billion overall stock of currency was issued in the country.
The BOJ said that this represented an annual increase of 11.5 %, as against 20.4% recorded for the similar period in 2018.
According to the Central Bank statement reads that when an estimated change in the consumer prices is taken into account, the real yearly growth in currency at the end of December 2019 is 5.6%, compared to 17.5% for the same period in 2018.
The BOJ said the bank anticipates that the major part of the currency in circulation during December 2019 will be redeemed during January.
It further stated that over the last five years, net currency redemption in January averaged 73.2% of the sum issued in the preceding month.
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.
