December 21, 2022
For the week leading up the Christmas holidays (12 to 16 December 2022), Bank of Jamaica recorded net currency issue of $8.7 billion to financial institutions (commercial banks, building societies and cambios). The issue for the period contributed to an overall growth of $14.0 billion or 6.8% in the currency stock for the period 1-16 December 2022, in line with the Bank’s projection for growth of 6.8%. The rate of growth in currency issue for the month was higher than that for the corresponding period in 2021 (5.6%).
At 16 December 2022, the stock of currency issued by BOJ was $220.1 billion (see Figure 1 above), representing an annual increase of 1.9%, relative to an annual growth of 23.0% at the corresponding point in 2021. When the projected change in consumer prices is considered, it is estimated that the currency stock for the period declined by 8.0%, compared to 14.6% for the same period in 2021.
The BOJ previously stated in its 15 December 2022 press release that the currency stock is projected to increase in December 2022 by $21.5 billion (10.4%) relative to the previous month to reach a level of $227.6 billion.
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