The Bank of Jamaica (BOJ) has issued J$13.7 billion more currency in circulation for the period December 18-21, 2023 than it did during the corresponding period last year.

Total currency in domestic circulation is now at J$17.5 billion compared to the J$3.8 billion it redeemed from the financial system last year. This net increase of $13.7 billion represents an upward movement of 5.3 per cent in the total stock of currency for the period. 

The 5.3 per cent increase was higher than the 0.6 per cent increase in the stock for the similar period in 2022. The net currency issue for the period under review translated to an increase of J$18.1 billion or 7.1 per cent in the currency stock for the period December 1-21, 2023. 

This increase was lower than the Bank’s projection for an expansion of 8.7 per cent for the period, and the 7.9 per cent growth in net currency issued for the corresponding period in 2022.

As at December 21, the stock of currency was J$271.8 billion, representing an annual nominal growth of 22.3 per cent, relative to 1.0 per cent at the corresponding period in 2022.

When the forecasted change in the general level of consumer prices is considered, the currency stock in real terms is estimated to have increased for the period by 14.0 per cent.

This compares to the real decline of 7.6 per cent for the same period of the previous year. As previously stated by the BOJ in its December 18 press release, the currency stock is projected to increase in December 2023 by J$29.7 billion (11.7 per cent) to J$283.4 billion relative to the previous month.