More Money Circulating in the Economy as Christmas Approaches

The Bank of Jamaica, BOJ, has reported a net increase in the amount of cash that was in circulation last week.

It says between December 13 and 19, the bank issued roughly $7 billion in cash while taking back about $3 billion.

This left a net increase of around $5 billion, which represents a rise of just under two per cent in the total cash circulating during the week.

This is more than the three per cent increase recorded for the corresponding period last year.

The BOJ says from December 1 to 19, the total cash in circulation has grown by approximately $12 billion, or nearly five per cent.

Although this is higher than the four per cent growth seen during the same time in 2023, it falls short of the BOJ’s earlier projection of a seven per cent increase for the period.

As of December 19, 2024, the total cash in circulation was estimated at nearly $277 billion.

The BOJ expects the total cash in circulation to grow further in December, reaching approximately $289 billion by the end of the month. This is a projected increase of nine per cent compared to November.

This rise is typical for the holiday season when cash demand tends to be higher.