JULY 2014 VOLUME 24 - NO. 7

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

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

Local and Foreign Currency Money Supply (M1) ……………………..……….… 128,432.53 136,869.25 141,637.49 10.28

Currency with the Public ……………………… 50,704.29 53,626.15 53,579.95 5.67Demand Deposits (adj)* ……………………..... 77,728.23 83,243.10 88,057.54 13.29

Quasi-Money ………………………………..……. 269,466.50 276,699.91 276,321.84 2.54Time …………………………………….…..…… 63,533.96 66,296.85 66,377.29 4.48Savings …………………………………..……. 205,932.54 210,403.06 209,944.55 1.95

Money Supply (M2) …………………………......… 397,899.03 413,569.16 417,959.33 5.04Domestic Credit ………………………………...… 407,305.26 473,972.32 477,789.15 17.30

Local Currency Money Supply (M1) ………………………..….....… 110,381.42 113,245.52 113,779.67 3.08

Currency with the Public …………………….… 50,704.29 53,626.15 53,579.95 5.67Demand Deposits (adj)* ………………..……..… 59,677.12 59,619.36 60,199.72 0.88

Quasi-Money …………………………….….........… 140,321.12 142,164.90 141,801.67 1.06Time ………………………………………...…… 31,465.35 31,674.62 32,079.73 1.95Savings ……………………………………..…. 108,855.78 110,490.29 109,721.94 0.80

Money Supply (M2) ……………………………...… 250,702.54 255,410.42 255,581.34 1.95Domestic Credit ………………………….……..… 334,509.05 413,593.01 417,194.53 24.72

Jul-13 Jun-14 Jul-14 % change p.a.Base Money ………………………………….…......… 91,987.68 95,944.45 97,453.87 5.94

Fig. 1 Fig. 2

II. COMMERCIAL BANKS (J$mn) Jun-13 May-14 Jun-14 % change p.a.Assets & Liabilities (J$mn)*** ………………..…..… 688,718.67 791,573.50 803,370.85 16.65

Loans** ……………………………………..........…… 333,891.04 365,776.36 371,099.01 11.14Agriculture ………………………..…………….… 6,284.81 8,946.48 9,740.29 54.98Manufacturing …………………………………..... 10,965.43 12,940.57 12,499.36 13.99Construction & Land Development …………...…. 22,490.07 24,417.49 23,948.62 6.49Mining …………………………………………....… 564.01 680.48 679.56 20.49Tourism …………………………………………... 26,555.70 26,670.68 26,860.59 1.15Transport, Storage & Communication …………… 12,647.55 13,725.70 13,446.80 6.32Consumer-Oriented ……………………………..... 212,200.18 234,702.83 237,822.10 12.07Government Services …………………………….… 26,256.25 27,688.07 30,055.83 14.47Other …………………………………………..….… 15,927.03 16,004.06 16,045.85 0.75

Loan Quality (%) - 3 mths & Over Jun-13 May-14 Jun-14Past Due Loans / Total Loans ………………...…. 5.83 4.83 4.84

020,00040,00060,00080,000

100,000120,000140,000160,000

JM$MN

Money Supply - M1Local and Foreign Currency

Jun 2013 - Jun 2014

Currency with the Public Demand Deposits (adj.) M1

70,00073,00076,00079,00082,00085,00088,00091,00094,00097,000100,000103,000106,000109,000

060,000

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

JM$mn

JM$mn

Money Supply and Base MoneyJun 2013 - Jun 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) Jun-13 May-14 Jun-14 % change p.a.DEPOSITS …………………………………….....……. 461,656.43 494,734.60 510,947.33 10.68

Private Sector (including overseas residents) …...….. 369,117.91 388,681.76 394,169.89 6.79Time ………………………………………….….. 74,925.56 80,695.22 81,007.84 8.12Savings …………………………………..…...….. 216,217.84 224,582.40 223,976.32 3.59Demand ………………………………………..…. 77,974.51 83,404.14 89,185.74 14.38

Government ……………………..……………...…… 28,787.48 29,044.57 31,741.74 10.26Time ………………………………..………...….. 1,934.43 2,003.63 1,922.43 -0.62

Savings ……………………………..………...….. 3,643.00 4,560.00 4,751.04 30.42Demand ……………………………..………...…. 23,210.05 22,480.95 25,068.27 8.01

Public Entities ………………………………..…..…. 38,700.11 43,087.03 49,247.47 27.25Time ……………………………………..…...….. 20,419.22 31,569.92 35,007.40 71.44Savings …………………………………..…...….. 7,266.32 5,522.94 4,763.33 -34.45Demand ………………………………..…...……. 11,014.57 5,994.17 9,476.75 -13.96

Spec. & O.F. Insts. ………………………….....…… 25,050.94 33,921.24 35,788.23 42.86Time ……………………………………....….….. 5,315.73 12,992.42 14,017.36 163.70Savings ……………………………………..…….. 3,735.83 3,613.48 3,024.84 -19.03Demand ………………………………..……...…. 15,999.38 17,315.34 18,746.03 17.17

Jul-13 Jun-14 Jul-14Current Account Balances with BOJ (J$mn) ……....….. 267.86 1,004.58 277.20 3.49

LIQUIDITY (Average) % Jun-13 May-14 Jun-14Actual Liquid Assets Ratio …………..……...………. 30.71 31.52 33.01

Cash ………………………………..……...…….. 2.73 2.89 2.82Deposits with BOJ …………………..………...…. 12.18 12.13 12.18Treasury Bills ……………………….………...…. 0.11 0.06 0.02Other ………………………………………..……. 15.70 16.44 17.98

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

III. SELECTED INTEREST RATES (%) Jul-13 Jun-14 Jul-14COMMERCIAL BANKS (Domestic Currency)

Fixed Deposits (J$100,000 & over) 3-6 months ………………………………..…..…. 0.90-5.70 1.00 - 7.10 1.00 - 7.109-12 months ……………………………...…..….. 0.90-5.90 1.25 - 7.20 1.25 - 7.20

Call Deposits ……………………………..……...….. 1.80-9.00 2.75 - 13.00 3.00 - 8.70Average Savings Deposits ………………..…...…….. 1.62 1.40 1.38Average Loan Rate ………………………..…...……. 16.58 14.76 14.76Average Inter-bank Rate ………………..……..…… 5.11 8.08 4.91

600,000

650,000

700,000

750,000

800,000

850,000

J$MN

Commercial Banks - Assets and LiabilitiesJun 2013 - Jun 2014

150,000210,000270,000330,000390,000450,000510,000570,000

J$MN

Commercial Banks - Deposits and Loans Jun 2013 - Jun 2014

ComBank Loans Deposits

2

III. SELECTED INTEREST RATES (%) (Cont'd) Jul-13 Jun-14 Jul-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 - 3.70 0.35 - 1.89 0.35 - 1.896-12 months …………………………….…..….…. 0.80 - 4.40 0.45 - 2.20 0.45 - 2.20

Fixed Deposits (US$100,000 & Over) 1-3 months …………………………………...…… 0.75 - 3.70 0.35 - 2.60 0.35 - 2.603-6 months ……………………………….…..…… 0.86 - 3.70 0.45 - 2.95 0.45 - 2.956-12 months ………………………………..……… 1.00 - 4.40 0.55 - 3.50 0.55 - 3.50

Average Loan Rates ………………………….…..…… 10.02 9.31 9.31Average Savings …………………………………..…… 0.72 0.50 0.50

COMMERCIAL BANKS (Domestic Currency) Jun-13 May-14 Jun-14Weighted Fixed Deposits Rate …………………....….. 3.21 4.64 5.03Overall Weighted Deposit Rate ……………….....…… 1.61 2.12 2.29Weighted Loan Rate ……………………………...…… 17.66 17.35 17.50

G.O.J. Treasury Bills (Weighted Average) Yield Jul-13 Jun-14 Jul-141 Months:……………………………………….……… 6.20 6.80 6.833 Months:………………………………………...…… 7.34 7.66 7.496 Months:………………………………………...…… 8.13 8.37 7.90

Fig. 5

BOJ Open Market Rates (%) …………………...…..….. Jun-13 May-14 Jun-1430-Day ……………………………………..…..……. 5.75 5.75 5.75

IV. SECURITIES (J$mn) (Outstanding Balances) Jun-13 May-14 Jun-14 % change p.aGOJ Benchmark Investment Notes ………………..…….. 894,524.99 868,478.06 869,157.25 -2.84

Jul-13 Jun-14 Jul-14 % change p.aGOJ Treasury Bills …………………………..……..…… 3,481.60 4,000.00 4,000.00 14.89BOJ Open Market Operations ……………….……..…… 55,188.67 40,570.11 32,371.86 -41.34

V. INSTALMENT CREDIT (J$mn) (Banks & Near Banks) Jun-13 May-14 Jun-14 % change p.a.Total Credit Outstanding …………………….…….….… 59,034.68 71,593.64 66,996.90 13.49New Business ……………………………….……….….… 2,791.10 3,435.63 2,831.66 1.45

Fig. 6

02.5

57.510

12.515

17.520

Percent

Commercial Banks - Interest RatesJun 2013 - Jun 2014

Overall Deposits Weighted Loan

0

2

4

6

8

10Percent

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

1-Month 3-Month 6-Month

3

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

Assets/Liabilties …………………………….……..…..…… 24,352.46 29,738.50 30,374.65 24.73Loans Outstanding ………………………………….…..… 6,868.77 7,902.58 8,152.24 18.69Total Deposits …………………………………..…..……… 10,493.89 13,073.22 13,472.52 28.38

Loan Quality (%) - 3 mths & Over Jun-13 May-14 Jun-14Past Due Loans / Total Loans ………………….……… 6.89 1.20 1.21

Liquidity Ratio Jun-13 May-14 Jun-14Liquid Assets Ratio (average) % …………….………..… 36.76 32.55 30.15Statutory Requirement ……………………….…….….… 26.00 26.00 26.00

Fig. 7

NEAR-BANKS (J$mn)** - Cont'd Jun-13 May-14 Jun-14 % change p.a.Loans ……………………………………………….....… 6,868.77 7,902.58 8,152.24 18.69

Agriculture …………………………………...…...….… 423.21 109.73 108.04 -74.47Manufacturing ………………………………...…...…… 242.18 382.19 371.56 53.43Construction & Land Development ………..….....…..… 589.47 564.30 560.54 -4.91Mining, Quarrying & Processing …………….….…...… 148.50 209.24 209.46 41.05Tourism ……………………………………..…...….…. 269.41 209.85 334.86 24.30Transport, Storage & Communication ……….……....… 214.79 175.78 171.51 -20.15Consumer Oriented …………………………….……… 4,950.71 5,920.39 6,066.67 22.54Government Services ………………………….....……. 0.00 0.00 0.00 -Other …………………………………………….…….. 30.51 331.11 329.61 980.28

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

Assets/Liabilities ……………………………………….… 209,027.31 223,169.76 224,859.87 7.57Loan Balances ……………………………………….….… 100,701.42 100,546.25 101,461.65 0.75Savings Funds ………………………………………...…… 137,911.65 146,032.58 147,394.72 6.88

Loan Quality (%) - 3 mths & Over Jun-13 May-14 Jun-14Past Due Loans / Total Loans ……………….…...….…… 5.85 6.27 6.40

Fig. 9

Fig. 8

Fig. 10

 ‐

 10,000

 20,000

 30,000

 40,000

Jun‐13

Jul‐13

Aug‐13

Sep‐13

Oct‐13

Nov‐13

Dec‐13

Jan‐14

Feb‐14

Mar‐14

Apr‐14

May‐14

Jun‐14

J

$

m

n

Near Banks: Assets & LiabilitiesJun 2013 ‐ Jun 2014

Assets & Liabilities Deposits Loans and Advances

 ‐ 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

 ‐

 600

 1,200

 1,800

 2,400

 3,000

 3,600

 4,200

J

$

m

n

J

$

m

n

Instalment CreditJun 2013 ‐ Jun 2014

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

030,00060,00090,000

120,000150,000180,000210,000240,000

J$MN

Building Societies - Assets and Liabilities Jun 2013 - Jun 2014

Assets & Liab Loans & Advances Savings Fund

190195200205210215220225

-0.6-0.3

00.30.60.91.21.51.82.12.42.7

3

I

n

d

e

x

P

e

r

c

e

n

t

Inflation & CPIJul 2013 - Jul 2014

Inflation Rate ‐ l.h.s CPI ‐ r.h.s

* As at June 2008 PanCaribbean Merchant Bank ended operations

4

VIII. INFLATION Jul-13 Jun-14 Jul-14 % change p.a.Consumer Price Index (Dec 2006 = 100) ………......… 199.9 215.9 218.9 9.50Monthly Rate (%) ………………………………......… 0.5 0.1 1.4Calendar Year to Date (%) ………………………….… 4.4 2.5 3.9Fiscal Year to Date (%) ………………….………....… 1.6 0.8 2.2

IX. ACTUAL PRODUCTION ('000) Jun-13 May-14 Jun-14 % change p.a. Crude Bauxite (tonnes) ……………………..……....… 386.61 388.14 426.22 10.25 Alumina (tonnes) ………………………………...….. 149.73 160.48 142.20 -5.03 Sugar (tonnes) …………………………….…...…....… 0.68 15.98 6.93 919.56

X.QUARTERLY GROSS DOMESTIC PRODUCT REAL GROWTH RATES (%) Mar-13 Dec-13 Mar-14

Total Value-Added at Basic PricesSeasonally Adjusted*** …………………..…….… -0.4 -0.3 -0.5Seasonally Unadjusted**** …………….…….….… -1.2 1.8 1.6

XI. STOCK MARKET ACTIVITIES Jul-13 Jun-14 Jul-14 % change p.a.Index* ………………………………………....…….… 86,063.98 70,738.58 71,308.03 -17.15Volume Traded (mn)** ……………………………..… 110.61 102.10 64.91 -41.32

Ordinary Shares …………………………...…….… 110.61 102.10 64.91 -41.32Block Transactions ………………………..…….… 0.00 0.00 0.00 -

Value of stocks Traded (J$mn)** ……………..…….… 1,826.90 1,144.57 639.08 -65.02Ordinary Shares …………………………….……… 1,826.90 1,144.57 639.08 -65.02Block Transactions …………………………..…… 0.00 0.00 0.00 -

Advance/Decline Ratio** ……………………………. 11/15 11/16 12/16

Fig. 11

XII. REMITTANCE (US$mn) Mar-13 Feb-14 Mar-14 % change p.a.Net Remittances ………………………..……….….… 160.8 151.8 171.5 6.65

Total Remmittance Inflows ……………….…...….… 178.4 168.4 187.8 5.27Remittance Companies ………………...……….… 155.1 143.1 160.9 3.74Other Remittances ………………………...…....… 23.3 25.3 26.9 15.45

Total Remmittance Outflows ……………………..… 17.6 16.6 16.3 -7.39

XIII. TOURISM May-13 Apr-14 May-14 % change p.a.

Tourists Arrivals ('000) ……………………...……..… 230.39 328.30 243.11 5.52Stop Over ……………………………………...…. 160.79 181.66 166.25 3.40

Foreign Nationals ………………………...……. 150.63 169.32 155.86 3.48Non - Resident Jamaicans …………………...… 10.16 12.35 10.39 2.25

Cruise ………………………….…………...….…. 69.61 146.64 76.87 10.43

Fig. 12

0

20,000

40,000

60,000

80,000

100,000

UNITS

JSE IndexJul 2013 - Jul 2014

120.0

140.0

160.0

180.0

200.0

Mar‐13

Apr‐13

May‐13

Jun‐13

Jul‐13

Aug‐13

Sep‐13

Oct‐13

Nov‐13

Dec‐13

Jan‐14

Feb‐14

Mar‐14

U

S

$

M

N

Remittance InflowsMar 2013 - Mar 2014

* 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 Jan-Mar 2013 Jan-Mar 2014 Change

(a) Major Traditional Exports ………………….…… 186.18 152.67 -33.51Bauxite ……………………………….……….… 32.97 30.01 -2.96Alumina ……………………………………...… 136.40 105.26 -31.14Sugar ……………………………………….…… 16.81 17.37 0.56Banana ……………………………………….… 0.00 0.02 0.02

(b) Other Traditional Exports …………………….… 18.78 15.12 -3.66(c) Non-Traditional Exports ……………………….… 194.20 120.52 -73.68(d) Re-exports ………………………………….…… 16.82 13.82 -3.00General Merchandise Exports ………………….… 415.98 302.14 -113.85(e) Freezone Exports …………………………….…… 9.32 9.35 0.03(g) Goods Procured in Ports ……………………….… 52.91 51.20 -1.71TOTAL GOODS EXPORTS ………………….… 478.21 362.69 -115.52

2a. IMPORTS (by SITC) Jan - Mar 2013 Jan - Mar 2014 Change General Merchandise Imports ………….………….… 1,646.66 1,411.80 -234.86

Food ……………………………….……….…… 266.63 252.21 -14.42Beverage & Tobacco ………………………….… 19.45 17.63 -1.82Crude Material ………………………….……...… 13.57 15.18 1.61Mineral Fuel ………………………….………… 564.35 505.09 -59.26Animal & Vegetable Oil ……………………….… 15.41 9.42 -5.99Chemicals …………………………………….…… 313.31 144.46 -168.85Manufactured Goods …………………………..… 130.08 129.43 -0.66Machinery & Transportation ………………….… 206.16 220.80 14.64Miscellaneous Manufactured Goods ………...….… 90.03 98.00 7.97Miscellaeous Commodities ………………...…… 27.67 19.58 -8.09

Freezone Imports ………………………………….… 10.62 7.74 -2.88Goods Procured in Ports ………………………….… 17.29 18.05 0.76

TRADE GOOD IMPORTS ………………………….… 1,674.58 1,437.59 -236.99

Trade Balance …………………………………….…… -1,196.36 -1,074.90 121.46

IMPORTS (by End-Use) Jan - Mar 2013 Jan - Mar 2014 Change Consumer Goods ……………………………….…… 415.33 415.69 0.37Raw Materials …………………………………….… 1,109.60 862.96 -246.63Capital Goods …………………………………….… 121.74 133.15 11.41

General Merchandise Imports …………………………. 1,646.66 1,411.80 -234.86Freezone Imports …………………………………….… 10.62 7.74 -2.88Goods Procured in Ports ………………………………. 17.29 18.05 0.76

TOTAL GOODS IMPORTED………………………….… 1,674.58 1,437.59 -236.99

Fig. 13 Fig. 14

+ Revised 6

XV. *BALANCE OF PAYMENTS (US$mn) Jan - Mar Jan - Mar Change Balance of Payments (Calendar) 2013 2014

1. Current Account Balance……………………………………… -401.2 -100.7 300.5Credits ……………………………………………………… 1862.2 1784.3 -77.9Debits………………………………………………………… 2263.4 1885.0 -378.4

A. Goods & Services……………………………………………… -830.3 -631.0 199.3Credits………………………………………………………… 1231.8 1118.2 -113.6Debits………………………………………………………… 2062.1 1749.2 -312.9

Goods…………………………………………………………… -1069.5 -900.6 168.9Exports……………………………………………………… 476.2 364.4 -111.8Imports……………………………………………………… 1545.7 1265.0 -280.7

Services………………………………………………………… 239.2 269.7 30.5Credits………………………………………………………… 755.6 753.8 -1.8Debits………………………………………………………… 516.4 484.1 -32.3

B. Primary Income………………………………………………… -89.2 -28.0 61.2Credits………………………………………………………… 50.3 54.0 3.7Debits………………………………………………………… 139.5 82.0 -57.5

C. Secondary Income……………………………………………… 518.3 558.3 40.0Credits………………………………………………………… 580.1 612.1 32.0Debits………………………………………………………… 61.8 53.8 -8.0

2. Capital Account…………………………………………………… 17.4 4.3 -13.1Credits………………………………………………………… 17.4 4.3 -13.1Debits………………………………………………………… 0.0 0.0 0.0

Net lending (+) / net borrowing (-) (balance from current and capital account) -383.8 -96.4 287.4

3. Financial AccountNet lending (+) / net borrowing (-) (balance from financial account) 25.2 -185.9 -211.1

A. Direct Investment……………………………………………… -79.5 -167.5 -88.0Net acquisition of financial assets……………………….. 32.7 0.2 -32.5Net incurrence of liabilities…………………………………… 112.2 167.7 55.5

B. Portfolio Investments………………………………………….. 95.1 -133.5 -228.6Net acquisition of financial assets……………………….. -15.0 -2.8 12.2Net incurrence of liabilities…………………………………… -110.1 130.7 240.8

C. Financial Derivatives………………………………………….. -65.2 -61.3 3.9Net acquisition of financial assets……………………….. -74.5 -67.1 7.4Net incurrence of liabilities…………………………………… -9.3 -5.8 3.5

D. Other Investments……………………………………………… 337.6 -54.6 -392.2Net acquisition of financial assets……………………….. 293.3 58.1 -235.2Net incurrence of liabilities…………………………………… -44.3 112.7 157.0

Reserves Assets……………………………………………………………… -262.8 231.0 493.8

Net Errors and Omissions………………………………………… 409.0 -89.5 -498.5

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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

Jul-13 Jun-14 Jul-14 % change p.a.

XVI. BOJ NET INTERNATIONAL RESERVES (US$mn) BOJ Net International Reserves (US$mn) ………………………………...….… 929.72 1,376.13 2,181.53 134.64

Gross Foreign Assets …………………………………………………...…... 1,812.91 2,016.53 2,809.99 55.00Gross Foreign Liabilities …………………………….………………...…..… 883.19 640.40 628.46 -28.84

Estimated Gross Reserves in Weeks of Goods Imports …………………….… 16.07 20.19 28.13Estimated Gross Reserves in Weeks of Goods and Services Imports ……….. 12.06 14.57 20.30

XVII. FOREIGN EXCHANGE DEVELOPMENTS (US$mn) * Jun-13 May-14 Jun-14 % change p.a.

Combined Foreign Exchange Trading Foreign Exchange Purchases (spot) ………………..…………………...….. 662.91 790.85 729.23 10.00Foreign Exchange Sales (spot) …………………………………..………..... 820.51 758.94 700.69 -14.60

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

p.a.Commercial Banks Balances ……………………………………...……..….. 1,918.85 2,006.36 2,042.05 6.42

A Accounts 1/ ……………………………………………………...…..… 82.00 67.39 75.17 -8.33B Accounts …………………………………………………...………..… 0.19 0.10 0.10 -47.62Other ………………………………………………………………...……. 1,836.66 1,938.87 1,966.77 7.08

FIAs Balance ……………………………………………...……………...…. 71.13 81.36 83.80 17.81A Accounts 1/ …………………………………………………….…...….. 16.66 15.37 15.84 -4.92B Accounts …………………………………………………………...…... 0.00 0.00 0.00 -Other ………………………………………………………………....…… 54.47 65.98 67.96 24.77

Building Societies Balances ………………………………………….…...….. 572.56 601.98 608.50 6.28A Accounts 1/ …………………………………………………...……..… 250.91 270.14 274.90 9.56B Accounts …………………………………………………...……...….. 60.30 55.23 55.11 -8.61Other ……………………………………………………….…………….. 261.34 276.61 278.49 6.56

Total Foreign Currency Deposits (US$mn) …………………………………… 2,562.54 2,689.70 2,734.34 6.70

Total Foreign Currency Loans (US$mn) ……………………………………… 1,194.94 1,088.42 1,092.41 -8.58Commercial Banks ……………………………………………………….. 1,105.99 1,036.85 1,040.60 -5.91FIAs …………………………………………………………...……..….. 12.79 6.64 6.77 -47.10Building Societies ………………………………………………..……….. 76.15 44.94 45.04 -40.85

London Interbank Offer Rate (LIBOR) Eurodollars (%) Jul-13 Jun-14 Jul-143 months ………………………………………………………..…………..….. 0.15 0.18 0.186 months ………………………………………………………….………...….. 0.26 0.27 0.27

Selling Exchange Rates (end period) Jul-13 Jun-14 Jul-14

US$100 = J$ ……………………………………………………….…….……... 101.86 112.20 112.85Can $100 = J$ ………………………………………………………..…..…….. 99.09 105.73 103.86UK Pound = J$ ………………………………………………..……….……….. 156.14 191.90 191.11Euro = J$*………………………………………………………….…….….….. 134.97 152.97 150.89

Caricom Selling Exchange Rates* Jul-13 Jun-14 Jul-14TT $1 = J$ ………………………………………………………….……….….. 15.88 17.57 17.72Bdos $1 = J$ ………………………………………….…………………..…….. 50.93 56.07 56.39Guy $1 = J$…………………………………………………...………..……….. 0.50 0.55 0.55EC $1 = J$ ……………………………………………………..…...………….. 37.73 41.54 41.77

* Indicative Rates 8