FEBRUARY 2014 VOLUME 24 - NO. 2

2014 Bank of JamaicaNethersole Place

KingstonJamaica

Telephone: (876) 922 0750-9Fax: (876) 922 0854

E-mail: library@boj.org.jmInternet: www.boj.org.jm

ISSN 1018-9084

CONTENTS Pages

Monetary Aggregates …………………………………………………..………………… 1Commercial Banks Assets and Liabilities ……………………………………..……… 1Commercial Banks Deposits and Loans ………………………………………....…… 1-2Commercial Banks Liquidity ………………………………………………......…… 2Interest Rates (Selected) ………………………………………………………….….. 2-3Securities …………………………………………………………………………..…. 3Instalment Credit ……………………………………………………………….…….. 3Near-Banks ……………………………………………………………………….….. 4Building Societies………………………………………………………………..……. 4Inflation Rates …………………………………………………………………….….. 5Actual Production ………………………………………………………………...….. 5Gross Domestic Product …………………………………………………………….... 5Stock Market Activities …………………………………………………………...….. 5Remittances……………………………………………………………………..…….. 5Tourism ……………………………………………………………………………..... 5External Trade ……………………………………………………..…………….….. 6Balance of Payments BOJ ………………………………………………….…..…….. 7Net International Reserves ……………………………………………………..…….. 8Foreign Exchange Developments……………………………………………………...… 8

Graphs Fig. 1 - Money Supply (Local and Foreign Currency)Fig. 2 - Money Supply and Base MoneyFig. 3 - Commercial Bank: Assets and Liabilities Fig. 4 - Commercial Banks: Deposits and LoansFig. 5 - Commercial Banks: Interest rates Fig. 6 - G.O.J Treasury Bills: Weighted Average (Yield) Fig. 7 - Near Banks: Assets and Liabilities Fig. 8 - Instalment Credit Fig. 9 - Building Societies: Assets and Liabilities Fig. 10 - Inflation & CPI Fig. 11 - JSE Index Fig. 12 - Remittance Inflows Fig. 13 - Current Account (BOP)Fig. 14 - BOP Change in Imports by SITC

Jan-13 Dec-13 Jan-14 % change p.a.I. MONETARY AGGREGATES (J$mn)

Local and Foreign Currency Money Supply (M1) ……………………..……….… 138,064.93 148,734.01 143,746.95 4.12

Currency with the Public ……………………… 48,599.93 58,641.37 53,686.78 10.47Demand Deposits (adj)* ……………………..... 89,465.00 90,092.63 90,060.16 0.67

Quasi-Money ………………………………..……. 245,813.14 267,219.81 270,318.83 9.97Time …………………………………….…..…… 64,577.88 64,328.33 66,815.89 3.47Savings …………………………………..……. 181,235.26 202,891.48 203,502.94 12.29

Money Supply (M2) …………………………......… 383,878.07 415,953.82 414,065.77 7.86Domestic Credit ………………………………...… 402,012.78 426,653.89 433,150.49 7.75

Local Currency Money Supply (M1) ………………………..….....… 112,206.13 120,248.58 116,831.55 4.12

Currency with the Public …………………….… 48,599.93 58,641.37 53,686.78 10.47Demand Deposits (adj)* ………………..……..… 63,606.20 61,607.21 63,144.77 -0.73

Quasi-Money …………………………….….........… 138,525.40 145,051.69 145,688.68 5.17Time ………………………………………...…… 35,223.87 33,226.31 33,410.10 -5.15Savings ……………………………………..…. 103,301.53 111,825.39 112,278.58 8.69

Money Supply (M2) ……………………………...… 250,731.53 265,300.28 262,520.22 4.70Domestic Credit ………………………….……..… 331,099.35 357,635.37 364,049.95 9.95

Feb-13 Jan-14 Feb-14 % change p.a.Base Money ………………………………….…......… 88,381.33 93,821.09 94,666.82 7.11

Fig. 1 Fig. 2

II. COMMERCIAL BANKS (J$mn) Jan-13 Dec-13 Jan-14 % change p.a.Assets & Liabilities (J$mn)*** ………………..…..… 657,623.67 734,996.32 723,460.75 10.01

Loans** ……………………………………..........…… 311,484.17 362,116.92 358,939.73 15.24Agriculture ………………………..…………….… 6,212.12 7,733.77 7,444.40 19.84Manufacturing …………………………………..... 11,384.82 12,608.84 13,025.90 14.41Construction & Land Development …………...…. 21,554.31 23,217.88 22,864.32 6.08Mining …………………………………………....… 612.29 747.67 669.19 9.29Tourism …………………………………………... 28,105.26 27,535.11 27,585.69 -1.85Transport, Storage & Communication …………… 12,074.57 13,338.25 13,675.72 13.26Consumer-Oriented ……………………………..... 194,803.58 231,747.89 232,758.28 19.48Government Services …………………………….… 22,964.41 28,035.65 26,043.34 13.41Other …………………………………………..….… 13,772.82 17,151.86 14,872.88 7.99

Loan Quality (%) - 3 mths & Over Jan-13 Dec-13 Jan-14Past Due Loans / Total Loans ………………...…. 6.80 5.16 4.67

020,00040,00060,00080,000

100,000120,000140,000160,000

JM$MN

Money Supply - M1Local and Foreign Currency

Jan 2013 - Jan 2014

Currency with the Public Demand Deposits (adj.) M1

70,00073,00076,00079,00082,00085,00088,00091,00094,00097,000100,000

060,000

120,000180,000240,000300,000360,000420,000480,000540,000600,000

JM$mn

JM$mn

Money Supply and Base MoneyJan 2013 - Jan 2014

M1 M2 Base Money -r.h.s

* Includes provision for loan losses; and excludes loans acquired by FINSAC.** Excludes Deposits of Government, Public Entities, Financial Institutions and Non Residents + Revised 1

Fig. 3 Fig. 4

II. COMMERCIAL BANKS (J$mn) (Cont'd) Jan-13 Dec-13 Jan-14 % change p.a.DEPOSITS …………………………………….....……. 442,943.28 487,471.88 470,991.37 6.33

Private Sector (including overseas residents) …...….. 358,171.59 377,912.04 380,470.84 6.23Time ………………………………………….….. 76,481.51 75,534.36 77,471.51 1.29Savings …………………………………..…...….. 192,425.49 213,043.78 214,072.71 11.25Demand ………………………………………..…. 89,264.59 89,333.90 88,926.63 -0.38

Government ……………………..……………...…… 32,074.60 31,996.05 28,289.65 -11.80Time ………………………………..………...….. 1,526.79 2,270.76 2,391.93 56.66

Savings ……………………………..………...….. 5,587.80 3,918.06 3,704.24 -33.71Demand ……………………………..………...…. 24,960.01 25,807.23 22,193.48 -11.08

Public Entities ………………………………..…..…. 29,787.51 51,033.65 34,651.24 16.33Time ……………………………………..…...….. 15,394.23 39,643.44 21,897.28 42.24Savings …………………………………..…...….. 8,380.57 4,743.62 5,742.08 -31.48Demand ………………………………..…...……. 6,012.71 6,646.59 7,011.89 16.62

Spec. & O.F. Insts. ………………………….....…… 22,909.57 26,530.15 27,579.64 20.38Time ……………………………………....….….. 3,570.22 10,422.53 10,993.00 207.91Savings ……………………………………..…….. 4,389.45 2,606.11 2,687.59 -38.77Demand ………………………………..……...…. 14,949.90 13,501.51 13,899.05 -7.03

Feb-13 Jan-14 Feb-14Current Account Balances with BOJ (J$mn) ……....….. 121.47 202.03 368.38 203.27

LIQUIDITY (Average) % Jan-13 Dec-13 Jan-14Actual Liquid Assets Ratio …………..……...………. 32.99 29.77 28.89

Cash ………………………………..……...…….. 2.84 3.04 2.79Deposits with BOJ …………………..………...…. 12.16 12.16 12.19Treasury Bills ……………………….………...…. 0.07 0.14 0.11Other ………………………………………..……. 17.92 14.44 13.80

Statutory Requirement ……………………….……… 26.00 26.00 26.00

III. SELECTED INTEREST RATES (%) Feb-13 Jan-14 Feb-14COMMERCIAL BANKS (Domestic Currency)

Fixed Deposits (J$100,000 & over) 3-6 months ………………………………..…..…. 1.85 - 5.00 1.00 - 7.10 1.00 - 7.109-12 months ……………………………...…..….. 2.25 - 5.50 1.25 - 7.20 1.25 - 7.20

Call Deposits ……………………………..……...….. 1.00 - 12.00 2.75 - 15.00 2.75 - 16.00Average Savings Deposits ………………..…...…….. 2.07 1.23 1.23Average Loan Rate ………………………..…...……. 17.23 16.00 16.14Average Inter-bank Rate ………………..……..…… 5.80 10.78 9.96

600,000620,000640,000660,000680,000700,000720,000740,000760,000

J$MN

Commercial Banks - Assets and LiabilitiesJan 2013 - Jan 2014

150,000

210,000

270,000

330,000

390,000

450,000

510,000

J$MN

Commercial Banks - Deposits and Loans Jan 2013 - Jan 2014

ComBank Loans Deposits

2

III. SELECTED INTEREST RATES (%) (Cont'd) Feb-13 Jan-14 Feb-14

COMMERCIAL BANKS (Foreign Currency) Fixed Deposits (Under US$100,000)

1-3 months …………………………..….………… 0.40 - 3.70 0.20 - 1.70 0.20 - 1.703-6 months ……………………………...………… 0.65 - 4.00 0.35 - 1.89 0.35 - 1.896-12 months …………………………….…..….…. 0.94 - 4.40 0.45 - 2.20 0.45 - 2.20

Fixed Deposits (US$100,000 & Over) 1-3 months …………………………………...…… 0.80 - 3.70 0.35 - 2.60 0.35 - 2.603-6 months ……………………………….…..…… 0.86 - 4.00 0.45 - 2.95 0.45 - 2.956-12 months ………………………………..……… 1.01 - 4.40 0.55 - 3.50 0.55 - 3.50

Average Loan Rates ………………………….…..…… 10.05 9.39 9.39Average Savings …………………………………..…… 0.72 0.50 0.50

COMMERCIAL BANKS (Domestic Currency) Jan-13 Dec-13 Jan-14Weighted Fixed Deposits Rate …………………....….. 3.58 4.26 3.73Overall Weighted Deposit Rate ……………….....…… 1.98 2.04 1.77Weighted Loan Rate ……………………………...…… 18.23 17.49 17.33

G.O.J. Treasury Bills (Weighted Average) Yield Feb-13 Jan-14 Feb-141 Months:……………………………………….……… 5.25 6.12 6.513 Months:………………………………………...…… 5.50 7.43 8.086 Months:………………………………………...…… 5.75 8.72 8.78

Fig. 5

BOJ Open Market Rates (%) …………………...…..….. Dec-12 Nov-13 Dec-1330-Day ……………………………………..…..……. 6.25 5.75 5.75

IV. SECURITIES (J$mn) (Outstanding Balances) Jan-13 Dec-13 Jan-14 % change p.aGOJ Benchmark Investment Notes ………………..…….. 426,158.44 917,202.11 902,692.54 111.82

Dec-12 Nov-13 Dec-13 % change p.aGOJ Treasury Bills …………………………..……..…… 4,000.00 3,801.63 3,938.40 -1.54BOJ Open Market Operations ……………….……..…… 48,674.46 52,848.80 49,948.18 2.62

V. INSTALMENT CREDIT (J$mn) (Banks & Near Banks) Dec-12 Nov-13 Dec-13 % change p.a.Total Credit Outstanding …………………….…….….… 54,167.28 64,892.58 65,505.61 20.93New Business ……………………………….……….….… 2,067.11 2,025.71 2,215.98 7.20

Fig. 6

02.5

57.510

12.515

17.520

Percent

Commercial Banks - Interest RatesJan 2013 - Jan 2014

Overall Deposits Weighted Loan

0

2

4

6

8

10Percent

G.O.J Treasury Bills - Weighted Average (Yield)Feb 2013 - Feb 2014

1-Month 3-Month 6-Month

3

VI. NEAR-BANKS (J$mn)* Jan-13 Dec-13 Jan-14 % change p.a.(Merchant Banks, Trust Com & Finance Houses)

Assets/Liabilties …………………………….……..…..…… 21,709.62 25,357.60 24,943.07 14.89Loans Outstanding ………………………………….…..… 5,638.18 7,093.09 7,171.18 27.19Total Deposits …………………………………..…..……… 7,978.34 11,117.58 10,805.03 35.43

Loan Quality (%) - 3 mths & Over Jan-13 Dec-13 Jan-14Past Due Loans / Total Loans ………………….……… 17.32 1.69 1.40

Liquidity Ratio Jan-13 Dec-13 Jan-14Liquid Assets Ratio (average) % …………….………..… 31.43 27.73 27.08Statutory Requirement ……………………….…….….… 26.00 26.00 26.00

Fig. 7

NEAR-BANKS (J$mn)** - Cont'd Jan-13 Dec-13 Jan-14 % change p.a.Loans ……………………………………………….....… 5,638.18 7,093.09 7,171.18 27.19

Agriculture …………………………………...…...….… 26.63 61.60 60.88 128.61Manufacturing ………………………………...…...…… 295.55 360.22 383.14 29.64Construction & Land Development ………..….....…..… 734.56 599.90 578.96 -21.18Mining, Quarrying & Processing …………….….…...… 127.67 164.32 192.53 50.80Tourism ……………………………………..…...….…. 117.97 201.39 195.79 65.96Transport, Storage & Communication ……….……....… 0.38 193.50 190.61 50,594.95Consumer Oriented …………………………….……… 4,289.66 5,314.25 5,372.71 25.25Government Services ………………………….....……. 0.00 0.00 0.00 -Other …………………………………………….…….. 45.77 197.91 196.55 329.46

VII. BUILDING SOCIETIES (J$mn) Jan-13 Dec-13 Jan-14 % change p.a.(members & associate members)

Assets/Liabilities ……………………………………….… 203,232.63 212,757.50 214,461.56 5.53Loan Balances ……………………………………….….… 96,639.49 97,376.53 97,618.37 1.01Savings Funds ………………………………………...…… 132,164.39 141,352.47 142,097.91 7.52

Loan Quality (%) - 3 mths & Over Jan-13 Dec-13 Jan-14Past Due Loans / Total Loans ……………….…...….…… 6.35 6.39 6.23

Fig. 9

Fig. 8

Fig. 10

0

5,000

10,000

15,000

20,000

25,000

30,000

Jan‐13

Feb‐13

Mar‐13

Apr‐13

May‐13

Jun‐13

Jul‐13

Aug‐13

Sep‐13

Oct‐13

Nov‐13

Dec‐13

Jan‐14

J

$

m

n

Near Banks: Assets & LiabilitiesJan 2013 ‐ Jan 2014

Assets & Liabilities Deposits Loans and Advances

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0

600

1,200

1,800

2,400

3,000

3,600

J

$

m

n

J

$

m

n

Instalment CreditDec 2012 ‐ Dec 2013

New Business ‐ l.h.s Credit Outstanding ‐ r.h.s

- 30,000 60,000 90,000

120,000 150,000 180,000 210,000 240,000

J$MN

Building Societies - Assets and Liabilities Jan 2013 - Jan 2014

Assets & Liab Loans & Advances Savings Fund

180185190195200205210215

00.30.60.91.21.51.82.12.42.7

3

I

n

d

e

x

P

e

r

c

e

n

t

Inflation & CPIJan 2013 - Jan 2014

Inflation Rate ‐ l.h.s CPI ‐ r.h.s

* As at June 2008 PanCaribbean Merchant Bank ended operations

4

VIII. INFLATION Jan-13 Dec13+ Jan-14 % change p.a.Consumer Price Index (Dec 2006 = 100) ………......… 193.8 210.7 211.8 9.29Monthly Rate (%) ………………………………......… 0.7 0.6 0.5Calendar Year to Date (%) ………………………….… 0.7 9.7 0.5Fiscal Year to Date (%) ………………….………....… 7 6.8 7.1

IX. ACTUAL PRODUCTION ('000) Jan-13 Dec-13 Jan-14 % change p.a. Crude Bauxite (tonnes) ……………………..……....… 387.44 460.96 390.55 0.80 Alumina (tonnes) ………………………………...….. 145.57 169.47 164.45 12.97 Sugar (tonnes) …………………………….…...…....… 33.88 5.30 29.16 -13.95

X.QUARTERLY GROSS DOMESTIC PRODUCT REAL GROWTH RATES (%) Sep-12 Jun-14 Sep-13

Total Value-Added at Basic PricesSeasonally Adjusted*** …………………..…….… 0.2 1.5 0.5Seasonally Unadjusted**** …………….…….….… -0.2 -0.2 0.8

XI. STOCK MARKET ACTIVITIES Feb-13 Jan-14 Feb-14 % change p.a.Index* ………………………………………....…….… 84,048.93 82,387.81 76,679.09 -8.77Volume Traded (mn)** ……………………………..… 214.30 149.85 176.63 -17.58

Ordinary Shares …………………………...…….… 210.21 149.85 174.67 -16.91Block Transactions ………………………..…….… 4.10 0.00 1.96 -52.19

Value of stocks Traded (J$mn)** ……………..…….… 1,944.61 1,087.50 1,221.48 -37.19Ordinary Shares …………………………….……… 1,912.34 1,087.50 1,204.98 -36.99Block Transactions …………………………..…… 32.27 0.00 16.50 -48.87

Advance/Decline Ratio** ……………………………. 6/20 20/9 10/18

Fig. 11

XII. REMITTANCE (US$mn) Dec-12 Nov-13 Dec-13 % change p.a.Net Remittances ………………………..……….….… 171.7 149.4 173.9 1.28

Total Remmittance Inflows ……………….…...….… 196.2 167.8 194.5 -0.87Remittance Companies ………………...……….… 170.5 145.2 168.9 -0.94Other Remittances ………………………...…....… 25.7 22.6 25.6 -0.39

Total Remmittance Outflows ……………………..… 24.5 18.4 20.6 -15.92

XIII. TOURISM Dec-12 Nov-13 Dec-13 % change p.a.

Tourists Arrivals ('000) ……………………...……..… 338.21 247.51 384.34 13.64Stop Over ……………………………………...…. 192.16 148.51 201.35 4.78

Foreign Nationals ………………………...……. 169.87 139.34 179.11 5.43Non - Resident Jamaicans …………………...… 22.29 9.17 22.24 -0.19

Cruise ………………………….…………...….…. 146.05 99.00 182.99 25.29

Fig. 12

70,000

75,000

80,000

85,000

90,000

UNITS

JSE IndexFeb 2013 - Feb 2014

120.0

140.0

160.0

180.0

200.0

220.0

Dec‐12

Jan‐13

Feb‐13

Mar‐13

Apr‐13

May‐13

Jun‐13

Jul‐13

Aug‐13

Sep‐13

Oct‐13

Nov‐13

Dec‐13

U

S

$

M

N

Remittance InflowsDec 2012 - Dec 2013

* As at end of month ** Monthly values *** Percentage change (%) over preceeding quarter**** Percentage change (%) over corresponding quarter of previous year 5

XIV. EXTERNAL TRADE (US$mn)1. EXPORTS Jul - Sep 2012 Jul - Sep 2013 Change

(a) Major Traditional Exports ………………….…… 165.82 148.50 -17.32Bauxite ……………………………….……….… 34.66 31.01 -3.65Alumina ……………………………………...… 130.68 117.46 -13.22Sugar ……………………………………….…… 0.45 0.00 -0.45Banana ……………………………………….… 0.03 0.03 0.00

(b) Other Traditional Exports …………………….… 19.73 18.27 -1.46(c) Non-Traditional Exports ……………………….… 162.53 113.68 -48.85(d) Re-exports ………………………………….…… 16.31 25.27 8.96General Merchandise Exports ………………….… 364.38 305.73 -58.66(e) Freezone Exports …………………………….…… 9.26 9.28 0.02(g) Goods Procured in Ports ……………………….… 43.23 44.25 1.02TOTAL GOODS EXPORTS ………………….… 416.87 359.26 -57.61

2a. IMPORTS (by SITC) Jul - Sep 2012 Jul - Sep 2013 Change General Merchandise Imports ………….………….… 1,729.13 1,503.87 -225.27

Food ……………………………….……….…… 251.89 258.10 6.21Beverage & Tobacco ………………………….… 20.13 20.13 0.00Crude Material ………………………….……...… 13.78 14.30 0.52Mineral Fuel ………………………….………… 577.59 504.67 -72.92Animal & Vegetable Oil ……………………….… 9.57 8.62 -0.95Chemicals …………………………………….…… 287.81 156.00 -131.80Manufactured Goods …………………………..… 168.41 157.71 -10.70Machinery & Transportation ………………….… 239.06 230.01 -9.05Miscellaneous Manufactured Goods ………...….… 129.64 126.20 -3.44Miscellaeous Commodities ………………...…… 31.26 28.13 -3.13

Freezone Imports ………………………………….… 9.60 7.97 -1.62Goods Procured in Ports ………………………….… 14.16 16.21 2.05

TRADE GOOD IMPORTS ………………………….… 1,752.89 1,528.05 -224.84

Trade Balance …………………………………….…… -1,336.02 -1,168.79 167.22

IMPORTS (by End-Use) Jul - Sep 2012 Jul - Sep 2013 Change Consumer Goods ……………………………….…… 498.05 482.13 -15.92Raw Materials …………………………………….… 1,091.60 892.08 -199.52Capital Goods …………………………………….… 139.48 129.66 -9.82

General Merchandise Imports …………………………. 1,729.13 1,503.87 -225.27Freezone Imports …………………………………….… 9.60 7.97 -1.62Goods Procured in Ports ………………………………. 14.16 16.21 2.05

TOTAL GOODS IMPORTED………………………….… 1,752.89 1,528.05 -224.84

Fig. 13 Fig. 14

+ Revised 6

XV. *BALANCE OF PAYMENTS (US$mn) Jul - Sep Jul - Sep Change Balance of Payments (Calendar) 2012 2013

1. Current Account Balance……………………………………… -611.1 -409.3 201.8Credits ……………………………………………………… 1706.6 1698.9 -7.7Debits………………………………………………………… 2317.7 2108.2 -209.5

A. Goods & Services……………………………………………… -999.2 -860.6 138.6Credits………………………………………………………… 1063.2 990.1 -73.1Debits………………………………………………………… 2062.4 1850.7 -211.7

Goods…………………………………………………………… -1121.3 -975.8 145.5Exports……………………………………………………… 416.5 365.1 -51.4Imports……………………………………………………… 1537.8 1340.9 -196.9

Services………………………………………………………… 122.1 115.3 -6.8Credits………………………………………………………… 646.7 625.1 -21.6Debits………………………………………………………… 524.6 509.8 -14.8

B. Primary Income………………………………………………… -111.3 -92.3 19.0Credits………………………………………………………… 75.2 102.5 27.3Debits………………………………………………………… 186.5 194.8 8.3

C. Secondary Income……………………………………………… 499.4 543.6 44.2Credits………………………………………………………… 568.2 606.3 38.1Debits………………………………………………………… 68.8 62.7 -6.1

2. Capital Account…………………………………………………… -5.0 -11.7 -6.7Credits………………………………………………………… 7.3 0.5 -6.8Debits………………………………………………………… 12.3 12.2 -0.1

Net lending (+) / net borrowing (-) (balance from current and capital account) -616.1 -421.0 195.1

3. Financial AccountNet lending (+) / net borrowing (-) (balance from financial account) -694.2 -109.2 585.0

A. Direct Investment……………………………………………… -65.9 -34.3 31.6Net acquisition of financial assets……………………….. 0.2 7.8 7.6Net incurrence of liabilities…………………………………… 66.1 42.1 -24.0

B. Portfolio Investments………………………………………….. 88.1 116.5 28.4Net acquisition of financial assets……………………….. -27.2 44.1 71.3Net incurrence of liabilities…………………………………… -115.3 -72.4 42.9

C. Financial Derivatives………………………………………….. 3.3 5.4 2.1Net acquisition of financial assets……………………….. 0.9 15.6 14.7Net incurrence of liabilities…………………………………… -2.4 10.2 12.6

D. Other Investments……………………………………………… -450.4 -29.2 421.2Net acquisition of financial assets……………………….. -131.4 100.8 232.2Net incurrence of liabilities…………………………………… 319 130 -189.0

Reserves Assets……………………………………………………………… -269.3 -167.6 101.7

Net Errors and Omissions………………………………………… -78.1 311.8 389.9

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*In keeping with the IMF’s latest Balance of Payments standard (BPM6, 2009), this table provides more detailed information on Financial Account transactions, which is aimed at enhancing the understanding of the types of financing and investment associated with transactions and transfers reflected in the Current Account and Capital Account.

7

Feb-13 Jan-14 Feb-14 % change p.a.

XVI. BOJ NET INTERNATIONAL RESERVES (US$mn) BOJ Net International Reserves (US$mn) ………………………………...….… 939.53 917.77 1,069.35 13.82

Gross Foreign Assets …………………………………………………...…... 1,782.77 1,684.68 1,762.54 -1.13Gross Foreign Liabilities …………………………….………………...…..… 843.24 766.91 693.19 -17.79

Estimated Gross Reserves in Weeks of Goods Imports …………………….… 15.95 15.99 16.73Estimated Gross Reserves in Weeks of Goods and Services Imports ……….. 11.92 11.83 12.37

XVII. FOREIGN EXCHANGE DEVELOPMENTS (US$mn) * Dec-12 Nov-13 Dec-13 % change p.a.

Combined Foreign Exchange Trading Foreign Exchange Purchases (spot) ………………..…………………...….. 760.35 683.48 787.20 3.53Foreign Exchange Sales (spot) …………………………………..………..... 739.36 658.17 773.32 4.59

Foreign Currency Deposit Balances of Authorised Dealers (US$mn) Jan-13 Dec-13 Jan-14% change

p.a.Commercial Banks Balances ……………………………………...……..….. 1,901.92 1,960.64 1,895.53 -0.34

A Accounts 1/ ……………………………………………………...…..… 96.52 71.17 66.04 -31.59B Accounts …………………………………………………...………..… 0.20 0.19 0.18 -10.05Other ………………………………………………………………...……. 1,805.20 1,889.29 1,829.32 1.34

FIAs Balance ……………………………………………...……………...…. 46.26 69.73 67.07 44.98A Accounts 1/ …………………………………………………….…...….. 15.04 15.68 11.54 -23.29B Accounts …………………………………………………………...…... 0.00 0.00 0.00 -Other ………………………………………………………………....…… 31.22 54.05 55.53 77.86

Building Societies Balances ………………………………………….…...….. 571.84 590.24 588.48 2.91A Accounts 1/ …………………………………………………...……..… 255.39 263.49 262.81 2.90B Accounts …………………………………………………...……...….. 62.93 57.89 57.10 -9.27Other ……………………………………………………….…………….. 253.52 268.85 268.57 5.94

Total Foreign Currency Deposits (US$mn) …………………………………… 2,520.02 2,620.61 2,551.08 1.23

Total Foreign Currency Loans (US$mn) ……………………………………… 1,231.62 1,204.48 1,140.37 -7.41Commercial Banks ……………………………………………………….. 1,138.19 1,150.59 1,087.60 -4.44FIAs …………………………………………………………...……..….. 10.44 7.63 7.47 -28.50Building Societies ………………………………………………..……….. 82.99 46.26 45.31 -45.41

London Interbank Offer Rate (LIBOR) Eurodollars (%) Feb-13 Jan-14 Feb-143 months ………………………………………………………..…………..….. 0.13 0.26 0.266 months ………………………………………………………….………...….. 0.24 0.35 0.34

Selling Exchange Rates (end period) Feb-13 Jan-14 Feb-14

US$100 = J$ ……………………………………………………….…….……... 97.11 107.75 108.34Can $100 = J$ ………………………………………………………..…..…….. 97.00 97.61 98.06UK Pound = J$ ………………………………………………..……….……….. 148.79 178.77 182.56Euro = J$*………………………………………………………….…….….….. 127.32 145.77 148.18

Caricom Selling Exchange Rates* Feb-13 Jan-14 Feb-14TT $1 = J$ ………………………………………………………….……….….. 15.02 16.77 16.88Bdos $1 = J$ ………………………………………….…………………..…….. 48.08 53.73 54.15Guy $1 = J$…………………………………………………...………..……….. 0.47 0.53 0.53EC $1 = J$ ……………………………………………………..…...………….. 35.61 39.80 40.11

* Indicative Rates 8