$23b extra for Christmas shopping
The Bank of Jamaica (BOJ) is projecting that it will need to issue an additional $23.1 billion in currency this month to meet the normally heightened spending demand at this time of the year.
The bank said the sum represents an 11.3 per cent increase relative to the stock at the end of November. The growth rate is, however, below the average recorded for the last five years.
Of the extra $23.1 billion to be issued this month, the central bank said it issued $3.6 billion during the December 1 to 10 period. That it points out was less than the $7 billion issued during the same period last year.
The BOJ puts the lower issue down to a moderation in orders from financial institutions, which last year demanded more because of the uncertainties around the effect of the novel coronavirus pandemic.
