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The depreciation of the Jamaican dollar will threaten the country's growth prospects.

Circulated currency in Jamaica up 11.2 per cent ahead of Christmas

The depreciation of the Jamaican dollar will threaten the country's growth prospects.

Just under J$15 billion in total currency was in circulation in circulation in the week leading up to Christmas, an 11.2 per cent increase according to the Bank of Jamaica (BOJ).

The Bank of Jamaica in downtown Kingston, Jamaica (Photo: Jamaica Observer)

The increase of J$14.7 billion was within the projected 1.5 per cent increase for the period of December 16 to December 20, according to the BOJ and above the J$11 billion, or 9.8 per cent above the circulation figure for the same period last year.

“When the forecasted change in the general level of consumer prices is taken into account, the estimated real growth in currency for the period is 12.3 per cent, which is largely in line with real growth of 12.6 per cent for the same period of the previous year,” said the BOJ.

Overall, there was $15.9 billion or 12.2 per cent more currency in circulation for the month up to December 20.

Total currency in circulation for the year, up to December 20, totalled $145.9 billion, representing an 18.5 per cent.