More cash in the economy for the Christmas period compared to 2020

December 21, 2021 

The Bank of Jamaica (BOJ) issued currency totaling $6.9 billion in the week leading up to the Christmas holidays (December 13-17, 2021), representing a 3.3% rise in the currency stock for the week. This was consistent with the 3.3% growth in stock for the same period in 2020.

The net currency issue for the review week contributed to a $10.5 billion (5.2%) increase in the currency stock for the month ending December 17, 2021. However, the percentage rise in the dollar amount issued was less than the Bank’s expectation for growth, with the bank estimating that they would have issued 5.6% more throughout the period.

The currency stock was $215.0 billion as of December 17, 2021, representing an annual nominal growth of 18.3% compared to 30.3% in the corresponding period in 2020. When the expected change in the general level of consumer prices is taken into account, the estimated real growth in currency for the period is 10.2%, which is lower than the real growth of 23.9% for the same time last year. The BOJ released a press release on December 13, 2021, saying that the currency stock is expected to end December 2021 at $227.5 billion, or a 19.4 % annual nominal growth.


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