News Release
14 March 2003

NET INTERNATIONAL RESERVES AND RESERVE MONEY INDICATORS

BANK OF JAMAICA
RESERVE MONEY INDICATORS (J$M)

End      
January 2003

End            
February  2003

Change  

A: CURRENCY ISSUE1/

B: COMMERCIAL BANKS
     Statutory Cash Reserves
     Current Account
2/

C: MONETARY BASE
3/
  

20,804.65

 11,050.98 11,033.51
 17.47

 31,855.63

  
20,553.80

 11,941.21 11,490.42
 450.79

 32,495.01

-250.85

 890.24
 456.91
 433.33

 639.38


1/ Currency in circulation less Bank of Jamaica teller cash.

2/ Transaction balances and excess reserves. Note: Data reflect credit balances only.

Note: Statutory cash reserve and current accounts of both commercial banks and other financial institutions are held at the Bank of Jamaica.

3/ Monetary Base is defined as Currency Issue and Commercial Banks' Statutory Cash Reserves
    and Current Account, and is consistent with Bank of Jamaica's Operating Targets   

                   BANK OF JAMAICA’S INTERNATIONAL RESERVES (US$M)

End       
January  2003

   End             
February 2003

Change

FOREIGN ASSETS
FOREIGN LIABILITIES
      IMF
      OTHER
NET INTERNATIONAL RESERVES

Estimated Gross Official
Reserves in Weeks of Goods Imports
1/
Reserves in Weeks of Goods & Services Imports
1/
1,556.71
 46.46
 23.96
 22.50
 1,510.25

 
26.45
 17.46
 1,299.30
 46.36
 23.86
 22.50
 1,252.94


 22.07
 14.57
-257.41
 -0.10
 -0.10
 0.00
 -257.31

1/  Based on estimated value of imports for FY 2002/2003