FEBRUARY 2017 VOLUME 27 - NO. 2

CONTENTS

Pages

Monetary Aggregates …………………………………………………..………………… 1

Commercial Banks Assets and Liabilities ……………………………………..……… 1

Commercial Banks Deposits and Loans ………………………………………....…… 1-2

Commercial Banks Liquidity ………………………………………………......…… 2

Interest Rates (Selected) ………………………………………………………….….. 2-3

Securities …………………………………………………………………………..…. 3

Instalment Credit ……………………………………………………………….…….. 3

Near-Banks ……………………………………………………………………….….. 4

Building Societies………………………………………………………………..……. 4

Inflation Rates …………………………………………………………………….….. 5

Actual Production ………………………………………………………………...….. 5

Gross Domestic Product …………………………………………………………….... 5

Stock Market Activities …………………………………………………………...….. 5

Remittances……………………………………………………………………..…….. 5

Tourism ……………………………………………………………………………..... 5

External Trade ……………………………………………………..…………….….. 6

Balance of Payments BOJ ………………………………………………….…..…….. 7

Net International Reserves ……………………………………………………..…….. 8

Foreign Exchange Developments……………………………………………………...………….…..8

Graphs

Fig. 1 - Money Supply (Local and Foreign Currency)

Fig. 2 - Money Supply and Base Money

Fig. 3 - Commercial Bank: Assets and Liabilities

Fig. 4 - Commercial Banks: Deposits and Loans

Fig. 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-16 Dec-16 Jan-17 % change p.a.

I. MONETARY AGGREGATES (J$mn) Jan 2016 Dec 2016 Jan 2017

Local and Foreign Currency

Money Supply (M1) ……………………..……….…. 197,750.21 208,719.10 201,429.56 1.86

Currency with the Public ……………………….…. 76,123.54 86,411.11 77,468.94 1.77

Demand Deposits (adj)* ……………………......... 121,626.67 122,307.99 123,960.62 1.92

Quasi-Money ………………………………..…….… 402,269.61 375,983.42 378,202.10 -5.98

Time …………………………………….…..…… 328,167.40 83,616.77 79,481.63 -75.78

Savings …………………………………..…….… 74,102.21 292,366.64 298,720.47 7.26

Money Supply (M2) …………………………......…. 254,065.18 584,702.52 579,631.66 17.58

Domestic Credit ………………………………...….. 482,993.23 527,484.04 523,310.58 8.35

Local Currency

Money Supply (M1) ………………………..….....…. 154,072.59 182,903.17 171,965.82 11.61

Currency with the Public …………………….……. 68,136.73 86,411.11 77,468.94 13.70

Demand Deposits (adj)* ………………..……..…. 85,935.86 96,492.06 94,496.89 9.96

Quasi-Money …………………………….….........… 159,046.94 171,821.33 172,444.40 8.42

Time ………………………………………...…… 32,837.39 32,025.25 32,105.05 -2.23

Savings ……………………………………..….… 126,209.55 139,796.08 140,339.35 11.20

Money Supply (M2) ……………………………...…. 313,119.53 354,724.50 344,410.22 9.99

Domestic Credit ………………………….……..….. 425,403.68 441,424.42 443,252.39 4.20

Jan 2016 Dec 2016 Jan 2017

Jan-16 Dec-16 Jan-17 % change p.a.

Base Money ………………………………….…......….. 115,488.17 140,698.11 131,307.41 13.70

Fig. 1 Fig. 2

Jan 2016 Dec 2016 Jan 2017

II. COMMERCIAL BANKS (J$mn) Jan-16 Dec-16 Jan-17 % change p.a.

Assets & Liabilities (J$mn)*** ………………..…..…. 934,862.19 1,046,804.41 1,050,540.25 12.37

Loans** ……………………………………..........…… 418,664.82 495,388.45 499,055.03 19.20

Agriculture ………………………..…………….…… 9,778.16 8,950.67 8,860.88 -9.38

Manufacturing ………………………………….....…. 18,435.64 17,615.52 17,915.46 -2.82

Construction & Land Development …………...…....... 23,541.36 25,446.49 24,856.12 5.58

Mining …………………………………………....…. 786.24 765.23 685.00 -12.88

Tourism …………………………………………...… 33,738.30 44,203.88 44,560.42 32.08

Transport, Storage & Communication ……………..…. 11,071.97 10,767.39 11,025.72 -0.42

Consumer-Oriented …………………………….....… 274,496.69 308,747.29 309,325.52 12.69

Government Services …………………………….….. 29,158.06 24,195.13 27,364.61 -6.15

Other …………………………………………..….… 17,658.40 54,696.85 54,461.30 208.42

Jan 2016 Dec 2016 Jan 2017

Loan Quality (%) - 3 mths & Over Jan-16 Dec-16 Jan-17

Past Due Loans / Total Loans ………………...….…. 4.05 2.73 2.78

0

50,000

100,000

150,000

200,000

250,000

Jan

2016

Feb

2016

Mar

2016

Apr

2016

May

2016

Jun

2016

Jul

2016

Aug

2016

Sep

2016

Oct

2016

Nov

2016

Dec

2016

Jan

2017

J$

mn

Money Supply - M1

Local and Foreign Currency

Jan 2016 - Jan 2017

Currency with the Public Demand Deposits M1

70,00075,00080,00085,00090,00095,000100,000105,000110,000115,000120,000125,000130,000135,000140,000145,000

0

60,000

120,000

180,000

240,000

300,000

360,000

420,000

480,000

540,000

JM

$m

n

JM

$m

n

Money Supply and Base Money

Jan 2016 - Jan 2017

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

Jan 2016 Dec 2016 Jan 2017

II. COMMERCIAL BANKS (J$mn) (Cont'd) Jan-16 Dec-16 Jan-17 % change p.a.

DEPOSITS …………………………………….....……. 602,008.26 667,496.41 674,282.44 12.01

Private Sector (including overseas residents) …...….. 476,528.67 527,142.68 529,194.92 11.05

Time ………………………………………….….. 84,668.27 93,357.01 88,497.75 4.52

Savings …………………………………..…...….. 269,732.54 311,186.49 317,172.46 17.59

Demand ………………………………………..…. 122,127.86 122,599.17 123,524.71 1.14

Government ……………………..……………...…… 36,601.59 43,813.50 41,757.59 14.09

Time ………………………………..………...….. 2,404.62 3,049.80 2,975.93 23.76

Savings ……………………………..………...….. 4,713.55 5,653.99 5,082.38 7.82

Demand ……………………………..………...…. 29,483.42 35,109.71 33,699.28 14.30

Public Entities ………………………………..…..…. 49,217.73 55,587.30 58,772.51 19.41

Time ……………………………………..…...….. 28,228.16 35,486.96 36,812.45 30.41

Savings …………………………………..…...….. 6,406.87 7,678.90 11,211.66 74.99

Demand ………………………………..…...……. 14,582.70 12,421.44 10,748.40 -26.29

Spec. & O.F. Insts. ………………………….....…… 39,660.28 40,952.93 44,557.42 12.35

Time ……………………………………....….….. 12,508.13 11,238.01 11,191.53 -10.53

Savings ……………………………………..…….. 4,789.09 6,078.05 6,615.15 38.13

Demand ………………………………..……...…. 22,363.06 23,636.88 26,750.75 19.62

Jan 2016 Dec 2016 Jan 2017

Jan-16 Dec-16 Jan-17

Current Account Balances with BOJ (J$mn) ……....….. 327.25 344.74 563.89 72.31

Jan 2016 Dec 2016 Jan 2017

LIQUIDITY (Average) % Jan-16 Dec-16 Jan-17

Actual Liquid Assets Ratio …………..……...………. 30.07 30.03 30.21

Cash ………………………………..……...…….. 2.84 3.08 2.84

Deposits with BOJ …………………..………...…. 12.14 12.43 12.26

Treasury Bills ……………………….………...…. 0.05 0.04 0.09

Other ………………………………………..……. 15.04 14.49 15.03

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

850,000

900,000

950,000

1,000,000

1,050,000

1,100,000J

$M

N

Commercial Banks - Assets and Liabilities

Jan 2016 - Jan 2017

150,000210,000270,000330,000390,000450,000510,000570,000630,000690,000750,000

Jan

2016

Feb

2016

Mar

2016

Apr

2016

May

2016

Jun

2016

Jul

2016

Aug

2016

Sep

2016

Oct

2016

Nov

2016

Dec

2016

Jan

2017

J$

MN

Commercial Banks - Deposits and Loans

Jan 2016 - Jan 2017

ComBank Loans Deposits

2

III. SELECTED INTEREST RATES (%)

Jan 2016 Dec 2016 Jan 2017

COMMERCIAL BANKS (Domestic Currency) Jan-16 Dec-16 Jan-17

Weighted Fixed Deposits Rate …………………....…... 3.72 3.37 3.69

Overall Weighted Deposit Rate ……………….....……. 1.56 1.34 1.41

Weighted Loan Rate ……………………………...…… 17.27 16.20 16.12

Feb 2016 Jan 2017 Feb 2017

G.O.J. Treasury Bills (Weighted Average) Yield Feb-16 Jan-17 Feb-17

1 Months:……………………………………….……… 5.54 6.20 6.08

3 Months:………………………………………...……. 6.00 5.62 5.92

6 Months:………………………………………...……. 5.73 6.27 6.12

Fig. 5

Feb 2016 Jan 2017 Feb 2017

BOJ Open Market Rates (%) …………………...…..….. Feb-16 Jan-17 Feb-17

30-Day ……………………………………..…..…….. 5.25 5.00 5.00

Feb 2016 Jan 2017 Feb 2017

IV. SECURITIES (J$mn) (Outstanding Balances) Feb-16 Jan-17 Feb-17 % change p.a

GOJ Benchmark Investment Notes ………………..…….. 809,243.13 785,439.35 785,614.43 -2.92

Feb 2016 Jan 2017 Feb 2017

Feb-16 Jan-17 Feb-17 % change p.a

GOJ Treasury Bills …………………………..……..……. 4,000.00 4,888.04 5,120.05 28.00

Feb 2016 Jan 2017 Feb 2017

Feb-16 Jan-17 Feb-17

BOJ Open Market Operations (including repurchase

agreements) ……………….……..…… 71,033.50 54,429.56 63,684.74 -10.35

Jan 2016 Dec 2016 Jan 2017

V. INSTALMENT CREDIT (J$mn) (Banks & Near Banks) Jan-16 Dec-16 Jan-17 % change p.a.

Total Credit Outstanding …………………….…….….…… 86,636.70 98,567.96 100,348.29 15.83

New Business ……………………………….……….….…. 3,247.46 3,793.65 4,521.20 39.22

Fig. 6

0.00

2.50

5.00

7.50

10.00

12.50

15.00

17.50

20.00

Per c

en

t

Commercial Banks - Interest Rates

Jan 2016 - Jan 2017

Overall Deposits Weighted Loan

0.00

2.00

4.00

6.00

8.00

Per

cen

t

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

Feb 2016 - Feb 2017

1 month (23-35 Days) 3 months (88-93 Days)

6 months (179-186 Days)

3

VI. NEAR-BANKS (J$mn)* Jan-16 Dec-16 Jan-17 % change p.a.

(Merchant Banks, Trust Com & Finance Houses) Jan 2016 Dec 2016 Jan 2017

Assets/Liabilties …………………………….……..…..…… 30,905.54 37,727.39 35,967.99 16.38

Loans Outstanding ………………………………….…..….. 12,812.10 18,112.61 18,995.32 48.26

Total Deposits …………………………………..…..……… 16,539.29 20,554.39 20,778.00 25.63

Jan 2016 Dec 2016 Jan 2017

Loan Quality (%) - 3 mths & Over Jan-16 Dec-16 Jan-17

Past Due Loans / Total Loans ………………….……… 0.89 0.78 0.89

Jan 2016 Dec 2016 Jan 2017

Liquidity Ratio Jan-16 Dec-16 Jan-17

Liquid Assets Ratio (average) % …………….………..….. 29.89 29.17 27.78

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

Fig. 7

Jan 2016 Dec 2016 Jan 2017

NEAR-BANKS (J$mn) - Cont'd Jan-16 Dec-16 Jan-17 % change p.a.

Loans ……………………………………………….....… 12,812.10 18,112.61 18,995.32 48.26

Agriculture …………………………………...…...….… 154.33 153.27 166.12 7.64

Manufacturing ………………………………...…...…… 800.51 926.69 917.87 14.66

Construction & Land Development ………..….....…..… 1,425.67 1,174.73 1,205.87 -15.42

Mining, Quarrying & Processing …………….….…...… 221.09 171.49 170.20 -23.02

Tourism ……………………………………..…...….…. 1,225.41 1,308.83 1,294.46 5.63

Transport, Storage & Communication ……….……....… 104.77 518.89 516.78 393.26

Consumer Oriented …………………………….……… 8,548.68 12,055.72 12,921.67 51.15

Government Services ………………………….....……. 0.00 0.00 0.00 -

Other …………………………………………….…….. 331.63 1,802.99 1,802.37 443.49

Jan 2016 Dec 2016 Jan 2017

VII. BUILDING SOCIETIES (J$mn) Jan-16 Dec-16 Jan-17 % change p.a.

(members & associate members)

Assets/Liabilities ……………………………………….…… 250,508.85 280,283.33 285,807.91 14.09

Loan Balances ……………………………………….….…. 117,545.48 129,659.83 130,306.27 10.86

Savings Funds ………………………………………...……. 169,278.14 189,867.17 190,747.22 12.68

Jan 2016 Dec 2016 Jan 2017

Loan Quality (%) - 3 mths & Over Jan-16 Dec-16 Jan-17

Past Due Loans / Total Loans ……………….…...….…… 4.74 3.67 3.78

Fig. 9

Fig. 8

Fig. 10

0

10,000

20,000

30,000

40,000

J$m

n

Near Banks: Assets & LiabilitiesOct 2015 - Oct 2016

Assets & Liabilities Deposits Loans and Advances

70,000

80,000

90,000

100,000

0600

1,2001,8002,4003,0003,6004,2004,8005,4006,000

J$m

nJ$m

n

Instalment CreditNov 2015 - Nov 2016

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

030,00060,00090,000

120,000150,000180,000210,000240,000270,000300,000330,000

J$

MN

Building Societies - Assets and Liabilities

Jan 2016 - Jan 2017

Assets & Liabilties Loans and Advances Savings Fund

220.0

225.0

230.0

235.0

240.0

-0.9

-0.6

-0.3

0.0

0.3

0.6

0.9

1.2

Ind

ex

Pe

r ce

nt

Inflation & CPI

Feb 2016 - Feb 2017

Inflation Rate CPI

* As at June 2008 PanCaribbean Merchant Bank ended operations

4

VIII. INFLATION Feb-16 Jan-17 Feb-17 % change p.a.

Consumer Price Index (Dec 2006 = 100) ………......…. 229.6 237.3 237.8 3.56

Monthly Rate (%) ………………………………......….. -0.7 0.4 0.2

Calendar Year to Date (%) ………………………….…. -1.2 0.4 0.6

Fiscal Year to Date (%) ………………….………....…. 3.1 3.5 3.7

Feb 2016 Jan 2017 Feb 2017

Dec 2015 Nov 2016 Dec 2016

IX. ACTUAL PRODUCTION ('000) Dec-15 Nov-16 Dec-16 % change p.a.

Crude Bauxite (tonnes) ……………………..……....…. 163.84 150.40 137.10 -16.32

Alumina (tonnes) ………………………………...…..... 364.20 288.20 275.80 -24.27

Sugar (tonnes) …………………………….…...…....… 0.00

Q4, 2015 Q3, 2016 Q4, 2016

X.

QUARTERLY GROSS DOMESTIC PRODUCT

REAL GROWTH RATES (%) Dec-15 Sep-16 Dec-16

Total Value-Added at Basic Prices

Seasonally Adjusted*** …………………..…….….. -0.31 0.91 -1.08

Seasonally Unadjusted**** …………….…….….…. 0.90 2.00 1.15

Feb 2016 Jan 2017 Feb 2017

XI. STOCK MARKET ACTIVITIES Feb-16 Jan-17 Feb-17 % change p.a.

Index* ………………………………………....…….…156,699.28 211,846.70 230,967.92 47.40

Volume Traded (mn)** ……………………………..…. 730.43 235.87 107.45 -85.29

Ordinary Shares …………………………...…….…. 100.09 235.87 107.45 7.35

Block Transactions ………………………..…….…. 630.34 0.00 0.00 -

Value of stocks Traded (J$mn)** ……………..…….… 1,519.86 2,919.09 1,534.27 0.95

Ordinary Shares …………………………….……… 1,519.86 2,919.09 1,534.27 0.95

Block Transactions …………………………..…….. 0.00 0.00 0.00 -

Advance/Decline Ratio** …………………………….… 17/6 12/9 9/10

Fig. 11

Dec 2015 Nov 2016 Dec 2016

XII. REMITTANCE (US$mn) Dec-15 Nov-16 Dec-16 % change p.a.

Net Remittances ………………………..……….….….. 188.5 155.5 202.2 7.24

Total Remmittance Inflows ……………….…...….…. 210.9 178.1 222.3 5.38

Remittance Companies ………………...……….… 186.0 152.3 193.0 3.77

Other Remittances ………………………...…....… 24.9 25.8 29.3 17.42

Total Remmittance Outflows ……………………..….. 22.4 22.7 20.1 -10.28

Oct 2015 Sep 2016 Oct 2016

XIII. TOURISM Oct-15 Sep-16 Oct-16 % change p.a.

Tourists Arrivals ('000) ……………………...……..…. 222.04 206.37 225.70 1.65

Stop Over ……………………………………...….. 134.32 120.34 135.47 0.86

Foreign Nationals ………………………...……... 125.12 110.90 125.44 0.25

Non - Resident Jamaicans …………………...….. 9.20 9.44 10.03 9.07

Cruise ………………………….…………...….….. 87.72 86.03 90.23 2.87

Fig. 12

0

50000

100000

150000

200000

250000

U

N

I

T

S

JSE Index

Feb 2016 - Feb 2017

120.00

140.00

160.00

180.00

200.00

220.00

240.00

U

S

$

M

N

Remittance Inflows

Dec 2015 - Dec 2016

* 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) Q4, 2015 Q4, 2016

1. EXPORTS Aug- Sep 2015 Aug - Sep 2016 Change

(a) Major Traditional Exports ………………….…….. 169.35 128.03 -41.32

Bauxite ……………………………….……….…. 25.17 17.90 -7.28

Alumina ……………………………………...…. 143.91 109.56 -34.35

Sugar ……………………………………….……. 0.20 0.48 0.29

Banana ……………………………………….….. 0.07 0.09 0.03

(b) Other Traditional Exports …………………….….. 13.41 12.96 -0.45

(c) Non-Traditional Exports ……………………….… 84.29 108.21 23.92

(d) Re-exports ………………………………….…….. 17.95 28.15 10.20

General Merchandise Exports ………………….….. 284.99 277.35 -7.64

(e) Freezone Exports …………………………….…… 0.00 0.00 0.00

(g) Goods Procured in Ports ……………………….… 20.86 25.14 4.28

TOTAL GOODS EXPORTS ………………….….. 305.86 302.49 -3.36

Q4, 2015 Q4, 2016

2a. IMPORTS (by SITC) Aug- Sep 2015 Aug - Sep 2016 Change

General Merchandise Imports ………….………….…. 1,232.89 1,243.09 10.21

Food ……………………………….……….…….. 212.17 212.41 0.24

Beverage & Tobacco ………………………….….. 20.21 19.77 -0.44

Crude Material ………………………….……...… 13.47 13.65 0.18

Mineral Fuel ………………………….………….. 223.46 251.18 27.72

Animal & Vegetable Oil ……………………….….. 8.10 1.27 -6.82

Chemicals …………………………………….…… 135.60 139.43 3.83

Manufactured Goods …………………………..….. 164.64 145.90 -18.74

Machinery & Transportation ………………….….. 298.30 332.37 34.07

Miscellaneous Manufactured Goods ………...….… 137.33 124.57 -12.76

Miscellaneous Commodities ………………...…….. 19.60 2.53 -17.07

Freezone Imports ………………………………….…. 0.00 0.00 0.00

Goods Procured in Ports ………………………….…. 11.67 14.45 2.77

TRADE GOOD IMPORTS(cif).……………….….. 1,244.56 1,257.54 12.98

Trade Balance …………………………………….…… -938.70 -955.05 -16.34

Q4, 2015 Q4, 2016

IMPORTS (by End-Use) Aug- Sep 2015 Aug - Sep 2016 Change

Consumer Goods ……………………………….……. 489.71 426.72 -62.99

Raw Materials …………………………………….….. 584.70 583.48 -1.22

Capital Goods …………………………………….…. 158.48 232.89 74.42

General Merchandise Imports …………………………... 1,232.89 1,243.09 10.21

Freezone Imports …………………………………….….. 0.00 0.00 0.00

Goods Procured in Ports ………………………………... 11.67 14.45 2.77

TOTAL GOODS IMPORTED (cif) .……………….… 1,244.56 1,257.54 12.98

Fig. 13 Fig. 14

-585.5

-936.0

-316.3 -255.5

-632.0

-536.1

-236.1

-306.6

-179.4 -172.8

-1000.0

-900.0

-800.0

-700.0

-600.0

-500.0

-400.0

-300.0

-200.0

-100.0

0.02007 2008 2009 2010 2011 2012 2013 2014 2015 2016

US

$M

N

Current AccountApr-Sept

+ Revised 6

XV. *BALANCE OF PAYMENTS (US$mn) Jul - Sep Jul - Sep Change

Balance of Payments (Calendar) 2015 2016

Sep 2015 Sep 2016

1. Current Account Balance……………………………………… -179.4 -172.8 6.5

Credits ………………………………………………………………………………..1,737.4 1,783.7 46.3

Debits……………………………………………………………………………………1,916.8 1,956.5 39.7

A. Goods & Services………………………………………………….. -632.4 -605.6 26.9

Exports……………………………………………………………………………….1,014.9 1,038.8 23.9

Imports……………………………………………………………………………….1,647.3 1,644.3 -3.0

Goods…………………………………………………………………………….-789.2 -808.2 -19.0

Exports (fob)……………………………………………. 298.3 284.8 -13.4

Imports (fob)……………………………………………. 1,087.4 1,093.0 5.6

Services………………………………………………………………………156.7 202.6 45.9

Exports……………………………………………………………………………….716.6 754.0 37.3

Imports……………………………………………………………………………….559.9 551.4 -8.5

B. Primary Income……………………………………………………… -128.9 -174.2 -45.3

Credits………………………………………………………………………………. 76.6 77.0 0.4

Debits…………………………………………………………………………………205.5 251.3 45.7

C. Secondary Income………………………………………………. 582.0 607.0 25.0

Credits……………………………………………………………………………... 645.9 667.9 21.9

Debits…………………………………………………………………………………64.0 60.9 -3.0

2. Capital Account…………………………………………………………. 1449.7 12.0 -1437.6

Credits………………………………………………………………………………... 1449.7 12.0 -1437.6

Debits…………………………………………………………………………………..0.0 0.0 0.0

Net lending (+) / net borrowing (-) (balance from current and

capital account) 1270.3 -160.8 -1431.1

3. Financial Account

Net lending (+) / net borrowing (-) (balance from financial

account) 720.1 283.4 -436.7

A. Direct Investment………………………………………………….. -267.3 -182.4 84.9

Net acquisition of financial assets……………………….. 6.5 -0.1 -6.6

Net incurrence of liabilities……………………………………….. 273.8 182.3 -91.5

B. Portfolio Investments………………………………………….. -1876.3 277.3 2153.6

Net acquisition of financial assets……………………….. 22.9 231.4 208.6

Net incurrence of liabilities……………………………………….. 1899.2 -45.8 -1945.0

C. Financial Derivatives………………………………………….. 0.8 34.7 33.9

Net acquisition of financial assets……………………….. -1.3 14.4 15.7

Net incurrence of liabilities……………………………………….. -2.1 -20.4 -18.3

D. Other Investments………………………………………………… 2509.7 -82.6 -2592.2

Net acquisition of financial assets……………………….. -153.2 166.7 319.8

Net incurrence of liabilities……………………………………….. -2662.8 249.2 2912.1

Reserves Assets………………………………………………………………………………. 353.2 236.3

Net Errors and Omissions………………………………………… -550.3 444.2

fob - free on board

Click here for more information

*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-16 Jan-16 Feb-17 % change p.a.

XVI. BOJ NET INTERNATIONAL RESERVES (US$mn) Feb 2016 Jan 2017 Feb 2017

BOJ Net International Reserves (US$mn) ………………………………...….… 2,269.76 2,469.43 2,615.26 15.22

Gross Foreign Assets …………………………………………………...…... 2,739.62 3,047.46 3,191.28 16.49

Gross Foreign Liabilities …………………………….………………...…..… 469.86 578.03 576.01 22.59

Estimated Gross Reserves in Weeks of Goods Imports …………………….… 32.54 35.55 37.23

Estimated Gross Reserves in Weeks of Goods and Services Imports ……….. 22.05 20.62 21.59

Jan 2016 Dec 2016 Jan 2017

XVII. FOREIGN EXCHANGE DEVELOPMENTS (US$mn) Jan-16 Dec-16 Jan-17 % change p.a.

Combined Foreign Exchange Trading

Foreign Exchange Purchases (spot) ………………..…………………...….. 894.25 940.97 974.08 8.93

Foreign Exchange Sales (spot) …………………………………..………..... 868.57 954.50 1019.42 17.37

Jan 2016 Dec 2016 Jan 2017

Foreign Currency Deposit Balances of Authorised Dealers (US$mn) Jan-16 Dec-16 Jan-17

% change

p.a.

Commercial Banks Balances ……………………………………...……..….. 2,280.73 2,404.86 2,040.33 -0.01

A Accounts 1/ ……………………………………………………...…..… 56.12 43.98 37.35 -0.03

B Accounts …………………………………………………...………..… 0.09 0.08 0.08 -0.01

Other ………………………………………………………………...……. 2,224.51 2,360.80 2,002.90 -0.01

FIAs Balance ……………………………………………...……………...…. 76.10 84.09 66.50 -0.01

A Accounts 1/ …………………………………………………….…...….. 14.27 17.54 0.00 -0.10

B Accounts …………………………………………………………...…... 0.00 0.00 0.00 -

Other ………………………………………………………………....…… 61.83 66.55 66.50 0.01

Building Societies Balances ………………………………………….…...….. 653.19 710.98 711.08 0.01

A Accounts 1/ …………………………………………………...……..… 272.70 285.57 283.32 0.00

B Accounts …………………………………………………...……...….. 50.43 46.92 46.92 -0.01

Other ……………………………………………………….…………….. 330.06 378.49 380.85 0.02

Total Foreign Currency Deposits (US$mn) ………………………………………………………..3,010.02 3,199.94 2,817.91 -0.01

Total Foreign Currency Loans (US$mn) ………………………………………………………..1,080.19 1,324.41 1,335.45 0.02

Commercial Banks ……………………………………………………….. 1,018.59 1,235.83 1,246.41 0.02

FIAs …………………………………………………………...……..….. 14.50 19.60 19.60 0.04

Building Societies ………………………………………………..……….. 47.10 68.98 69.44 0.05

Feb 2016 Jan 2017 Feb 2017

London Interbank Offer Rate (LIBOR) Eurodollars (%) Feb-16 Jan-17 Feb-17

3 months ………………………………………………………..…………..….. -0.22 -0.34 -0.35

6 months ………………………………………………………….………...….. -0.13 -0.24 -0.25

Feb 2016 Jan 2017 Feb 2017

Selling Exchange Rates (end period) (J$ per unit of foreign currency) Feb-16 Jan-17 Feb-17

US$1.00 ….……………………………………………………….…….……... 121.85 128.26 128.11

Can $1.00 ….……………………………………………………..…..…….. 90.03 97.53 97.80

UK £1.00 ………………………………………………..……….……….. 169.60 160.05 159.91

Euro €1.00*………………………………………………………….…….….….. 134.61 139.19 136.36

Caricom Selling Exchange Rates* (J$ per unit of foreign currency) Feb-16 Jan-17 Feb-17

TT $1 ...………………………………………………………….……….….. 18.67 19.01 19.06

Bdos $1 ….………………………………………….…………………..…….. 60.91 64.17 64.09

Guy $1 ….…………………………………………………...………..……….. 0.60 0.63 0.62

EC $1 ….……………………………………………………..…...………….. 45.12 47.54 47.47

* Indicative Rates 8

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