For December 2025, Bank of Jamaica (BOJ) projects that the value of currency issued by the Bank will increase by approximately $21.0 billion (7.0 per cent), relative to the stock at end-November 2025 ($300.6 billion) (see Figure 1).
Figure 1
The projected currency stock of $321.6 billion at end-December 2025 represents an annual growth rate of 12.4 per cent compared to 3.1 per cent for 2024. The projected acceleration in growth in the currency stock for 2025 is consistent with the seasonal cash demand to support spending. Furthermore, in response to the impact of Hurricane Melissa, December’s currency growth is expected to reflect precautionary demand for cash, increased remittance receipts, and an expected increase in inflation. This is expected to be partly offset by dampened domestic demand conditions as a result of Hurricane Melissa.
In real terms, the currency stock is projected to increase by 7.2 per cent in December 2025, which compares to the real decline of 1.8 per cent for the previous year.
BOJ recorded net currency issue of $3.3 billion (1.1 per cent) for the period 01 to 11 December 2025, compared to a net currency issue of $2.8 billion recorded over the same period in 2024. Consequently, as at 11 December 2025, the stock of currency in the hands of the public and in the vaults of financial institutions was $303.9 billion (see Figure 2).
Figure 2
Background
Typically, BOJ issues and redeems notes and coins daily in order to meet the demand for cash from individuals and businesses. There is normally a stronger demand for currency during the month of December, associated with increased spending over the holiday period. Financial institutions therefore request more currency from BOJ to satisfy this demand.
Glossary:
- Currency Issue: refers to the value of Jamaican notes and coins issued by Bank of Jamaica in a particular period. A portion of these notes and coins will be held by the public (currency in circulation) while some of the notes and coins will be held by financial institutions in their vaults (vault cash). Bank of Jamaica redeems (buys) or issues (sells) notes and coins to financial institutions when institutions have a demand for cash. The difference between currency issued and that which is redeemed during a period of time is referred to as net currency issue.
- Currency Stock: refers to all Jamaican notes and coins that are held outside Bank of Jamaica.
- Real Currency Growth: reflects the percentage change in the real stock of currency which is calculated as the nominal currency stock divided by the consumer price index (CPI) at a given point in time.
