News Release
15 October 2003

NET INTERNATIONAL RESERVES AND BASE MONEY INDICATORS

BANK OF JAMAICA
BASE MONEY INDICATORS (J$M)

End      
August 2003

  End       
Sept  2003

Change  
A: CURRENCY ISSUE1/

B: COMMERCIAL BANKS
     Statutory Cash Reserves
     Current Account2/

C: MONETARY BASE3/
  

 22,215.68

 10,843.75 10,749.66
 94.09

 33,059.43
   		21,545.71

 11,076.89 10,811.22
 265.67

 32,622.60

-669.97 

233.14 
61.56 
171.58 

-436.83 

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       
August  2003

     End      
     Sept  2003

Change
FOREIGN ASSETS
FOREIGN LIABILITIES
      IMF
      OTHER
NET INTERNATIONAL RESERVES

Estimated Gross Official
Reserves in Weeks of Goods Imports1/
Reserves in Weeks of Goods & Services Imports1/		 1,117.65
 37.55
 15.05
 22.50
 1,080.10


 17.52
 11.54
 		1,216.66 
34.03 
11.53 
22.50
1,182.63


19.03 
12.77 
 		99.01 
-3.52 
-3.52 
0.00 
102.53 

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