News Release
16 June 2003

NET INTERNATIONAL RESERVES AND RESERVE MONEY INDICATORS

BANK OF JAMAICA
RESERVE MONEY INDICATORS (J$M)

End      
April 2003

  End       
May  2003

Change  

A: CURRENCY ISSUE1/

B: COMMERCIAL BANKS
     Statutory Cash Reserves
     Current Account
2/

C: MONETARY BASE
3/
  

21,129.17

11,213.59 
11,143.57 
70.02

32,342.76

  
21,425.37

11,313.16
10,792.59
520.57

32,738.53

296.20

99.57
-350.98
450.55

395.77


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 JAMAICAS INTERNATIONAL RESERVES (US$M)

End       
April  2003

     End      
     May 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/
1,404.72
42.62
20.12
22.50
 1,362.10


22.30
14.81
 1,276.48
43.15
20.65
22.50
1,233.33


20.26
13.46
-128.24
0.53
0.53
0.00
-128.77

1/  Based on estimated value of imports for FY 2003/2004