News Release
16 September 2004

NET INTERNATIONAL RESERVES AND BASE MONEY INDICATORS

BANK OF JAMAICA
BASE MONEY INDICATORS (J$M)

End      
July  2004

  End       
August  2004

Change  

A: CURRENCY ISSUE1/

B: COMMERCIAL BANKS
     Statutory Cash Reserves
     Current Account
2/

C: MONETARY BASE
3/
  

25,436.97 

12,209.92 
11,974.74 
235.18 

37,646.89 

 
25,518.64 

12,503.79
11,954.21
549.58

38,022.43

81.67 

293.87 
-20.53 
314.40 

375.54


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 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       
July  20042

     End      
     August  20042

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/
1,854.14
 259.45
3.74
255.71
1,594.69


26.62
17.94
1,669.66 
26.20 
3.70 
22.50 
1,643.46 


23.97 
16.15 

-184.48
-233.25
-0.04
-233.21
48.77

1/  Based on estimated value of imports for FY 2004/2005
2/ Movements in BOJ's foreign assets and liabilities in July and August 2004
    were mainly associated with foreign exchange flows from the
    Government of Jamaica Eurobond issue of US$233mn