Needy GOJ sinks BOJ deeper in the red
Published:Friday | August 27, 2010 | 12:00 AM
The Bank of Jamaica (BOJ) advanced an additional half a billion dollars to the Government of Jamaica in a two-week span, sending the central bank deeper into the red at August 11.
Its losses were disclosed at J$10.2 billion, up from a loss of J$9.7 billion at July 28.
At the same time, financial institutions in hock to the central bank have reduced their debt by J$1.4 billion since late July.
Financial houses now owe the BOJ J$16.2 billion, while the Government owes J$10.2 billion.
A year ago, the Bank of Jamaica was reporting profits of more than J$16 billion.