Increase in Grand Market money

Despite the current financial crisis, the Bank of Jamaica says over $52 billion was in circulation on Christmas Eve.



This represents an increase of approximately 4.4 per cent when compared to the $49.8 billion, which was in circulation for the similar period in 2007.



The Central Bank believes the increase is relatively small and attributes this to a slowdown in economic activity and the increased use of debit and credit cards for commercial transactions.



The bank says the demand for currency increased significantly during the week ending December 19, as public sector salaries, including retroactive amounts were disbursed.



It says the increase in currency demand, relative to the month of November, reflected the usual intense shopping period, which climaxed on December 24.