OCTOBER 2015 VOLUME 25 - NO. 10

2015 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

Sep-14 Aug-15 Sep-15 % change p.a.I. MONETARY AGGREGATES (J$mn)

Local and Foreign Currency Money Supply (M1) ……………………..……….… 142,102.36 176,706.96 173,344.66 21.99

Currency with the Public ……………………… 54,095.57 63,349.73 61,548.17 13.78Demand Deposits (adj)* ……………………..... 88,006.79 113,357.23 111,796.49 27.03

Quasi-Money ………………………………..……. 274,961.37 301,662.79 302,430.13 9.99Time …………………………………….…..…… 65,952.41 72,271.87 70,281.51 6.56Savings …………………………………..……. 209,008.95 229,390.92 232,148.62 11.07

Money Supply (M2) …………………………......… 417,063.73 478,369.75 475,774.78 14.08Domestic Credit ………………………………...… 476,362.52 455,804.44 451,726.46 -5.17

Local Currency Money Supply (M1) ………………………..….....… 114,321.88 141,949.88 137,321.02 20.12

Currency with the Public …………………….… 54,095.57 63,349.73 61,548.17 13.78Demand Deposits (adj)* ………………..……..… 60,226.32 78,600.15 75,772.84 25.81

Quasi-Money …………………………….….........… 141,211.53 152,136.62 150,879.09 6.85Time ………………………………………...…… 31,252.79 34,381.84 33,010.19 5.62Savings ……………………………………..…. 109,958.74 117,754.78 117,868.89 7.19

Money Supply (M2) ……………………………...… 255,533.41 294,086.50 288,200.10 12.78Domestic Credit ………………………….……..… 419,296.02 396,500.62 397,094.98 -5.29

Oct-14 Sep-15 Oct-15 % change p.a.Base Money ………………………………….…......… 96,834.75 107,998.61 108,840.77 12.40

Fig. 1 Fig. 2

II. COMMERCIAL BANKS (J$mn) Sep-14 Aug-15 Sep-15 % change p.a.Assets & Liabilities (J$mn)*** ………………..…..… 800,736.91 870,409.35 882,113.34 10.16

Loans** ……………………………………..........…… 377,269.71 401,407.88 404,876.75 7.32Agriculture ………………………..…………….… 9,146.30 8,895.85 9,232.86 0.95Manufacturing …………………………………..... 12,574.04 15,316.09 15,665.37 24.59Construction & Land Development …………...…. 24,130.86 25,525.45 24,818.14 2.85Mining …………………………………………....… 734.92 974.31 887.66 20.78Tourism …………………………………………... 28,603.73 30,086.63 30,611.94 7.02Transport, Storage & Communication …………… 12,711.21 11,337.74 10,640.96 -16.29Consumer-Oriented ……………………………..... 244,192.85 263,086.92 266,942.36 9.32Government Services …………………………….… 30,566.67 28,859.30 28,514.70 -6.71Other …………………………………………..….… 14,609.15 17,325.60 17,562.75 20.22

Loan Quality (%) - 3 mths & Over Sep-14 Aug-15 Sep-15Past Due Loans / Total Loans ………………...…. 4.81 4.17 4.07

020,00040,00060,00080,000

100,000120,000140,000160,000180,000200,000

JM$MN

Money Supply - M1Local and Foreign Currency

Sept 2014 - Sept 2015

Currency with the Public Demand Deposits (adj.) M1

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

0

60,000

120,000

180,000

240,000

300,000

360,000

420,000

480,000

540,000

600,000

JM$mn

JM$mn

Money Supply and Base MoneySept 2014 - Sept 2015

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) Sep-14 Aug-15 Sep-15 % change p.a.DEPOSITS …………………………………….....……. 509,266.00 561,732.28 570,984.86 12.12

Private Sector (including overseas residents) …...….. 390,698.26 441,540.48 442,722.59 13.32Time ………………………………………….….. 78,503.32 83,019.57 81,845.77 4.26Savings …………………………………..…...….. 222,956.46 244,385.22 247,686.53 11.09Demand ………………………………………..…. 89,238.48 114,135.69 113,190.30 26.84

Government ……………………..……………...…… 31,684.28 36,843.33 40,983.45 29.35Time ………………………………..………...….. 2,055.57 3,064.16 3,118.63 51.72

Savings ……………………………..………...….. 4,597.38 4,941.41 4,937.26 7.39Demand ……………………………..………...…. 25,031.33 28,837.76 32,927.56 31.55

Public Entities ………………………………..…..…. 51,077.90 44,195.03 46,060.41 -9.82Time ……………………………………..…...….. 32,974.79 27,108.01 27,405.33 -16.89Savings …………………………………..…...….. 7,934.51 8,929.42 10,577.46 33.31Demand ………………………………..…...……. 10,168.59 8,157.61 8,077.61 -20.56

Spec. & O.F. Insts. ………………………….....…… 35,805.56 39,153.43 41,218.41 15.12Time ……………………………………....….….. 10,034.82 12,998.61 13,066.79 30.21Savings ……………………………………..…….. 4,368.26 5,121.33 5,007.65 14.64

Demand ………………………………..……...…. 21,402.48 21,033.50 23,143.97 8.14

Sep-14 Aug-15 Sep-15Current Account Balances with BOJ (J$mn) ……....….. 405.02 382.85 683.17 68.67

LIQUIDITY (Average) % Sep-14 Aug-15 Sep-15Actual Liquid Assets Ratio …………..……...………. 26.92 18.39 30.50

Cash ………………………………..……...…….. 2.78 2.84 2.71Deposits with BOJ …………………..………...…. 12.15 0.00 12.25Treasury Bills ……………………….………...…. 0.03 0.10 0.09Other ………………………………………..……. 11.97 15.45 15.45

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

III. SELECTED INTEREST RATES (%) Aug-14 Jul-15 Aug-15COMMERCIAL BANKS (Domestic Currency)

Fixed Deposits (J$100,000 & over) 3-6 months ………………………………..…..…. 1.00 - 7.10 1.00 - 6.88 1.00 - 6.889-12 months ……………………………...…..….. 1.25 - 7.20 1.25 - 7.00 1.25 - 7.00

Call Deposits ……………………………..……...….. 3.00 - 8.70 3.00 - 8.75 3.00 - 8.75Average Savings Deposits ………………..…...…….. 1.38 1.44 1.44Average Loan Rate ………………………..…...……. 14.76 14.99 14.99Average Inter-bank Rate ………………..……..…… 4.91 3.94 3.94

750,000

800,000

850,000

900,000

J$MN

Commercial Banks - Assets and LiabilitiesSept 2014 - Sept 2015

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

J$MN

Commercial Banks - Deposits and Loans Sept 2014 - Sept 2015

ComBank Loans Deposits

2

III. SELECTED INTEREST RATES (%) (Cont'd) Aug-14 Jul-15 Aug-15

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

1-3 months …………………………..….…………. 0.20 - 1.70 0.18 - 1.30 0.18 - 1.303-6 months ……………………………...…………. 0.35 - 1.89 0.30 - 1.65 0.30 - 1.656-12 months …………………………….…..….….. 0.45 - 2.20 0.35 - 2.20 0.35 - 2.20

Fixed Deposits (US$100,000 & Over) 1-3 months …………………………………...……. 0.35 - 2.60 0.18 - 2.60 0.18 - 2.603-6 months ……………………………….…..……. 0.45 - 2.95 0.30 - 2.95 0.30 - 2.956-12 months ………………………………..……… 0.55 - 3.50 0.35 - 3.50 0.35 - 3.50

Average Loan Rates ………………………….…..…… 9.31 9.12 9.12Average Savings …………………………………..……. 0.50 0.52 0.52

COMMERCIAL BANKS (Domestic Currency) Sep-14 Aug-15 Sep-15Weighted Fixed Deposits Rate …………………....…... 4.47 3.73 3.89Overall Weighted Deposit Rate ……………….....……. 2.05 1.68 1.69Weighted Loan Rate ……………………………...…… 16.91 17.17 16.99

G.O.J. Treasury Bills (Weighted Average) Yield Oct-14 Sep-15 Oct-151 Months:……………………………………….……… 6.83 6.23 6.203 Months:………………………………………...……. 7.34 6.20 6.136 Months:………………………………………...……. 7.73 6.35 6.23

Fig. 5

BOJ Open Market Rates (%) …………………...…..….. Oct-14 Sep-15 Oct-1530-Day ……………………………………..…..…….. 5.75 5.25 5.25

IV. SECURITIES (J$mn) (Outstanding Balances) Jul-14 Jun-15 Jul-15 % change p.aGOJ Benchmark Investment Notes ………………..…….. 869,820.19 866,776.55 850,418.32 -2.23

Oct-14 Sep-15 Oct-15 % change p.aGOJ Treasury Bills …………………………..……..……. 4,000.00 4,000.00 4,000.00 0.00

Sep-14 Aug-15 Sep-15BOJ Open Market Operations (including repurchase agreements) ……………….……..…… 35,206.82 61,280.85 48,743.71 38.45

V. INSTALMENT CREDIT (J$mn) (Banks & Near Banks) Sep-14 Aug-15 Sep-15 % change p.a.Total Credit Outstanding …………………….…….….…… 68,275.01 81,425.82 82,554.51 20.91New Business ……………………………….……….….…. 3,116.15 2,553.61 3,058.62 -1.85

Fig. 6

02.5

57.510

12.515

17.520

Percent

Commercial Banks - Interest RatesSept 2014 - Sept 2015

Overall Deposits Weighted Loan

0

2

4

6

8

10Percent

G.O.J Treasury Bills - Weighted Average (Yield)Oct 2014 - Oct 2015

1-Month 3-Month 6-Month

3

VI. NEAR-BANKS (J$mn)* Sep-14 Aug-15 Sep-15 % change p.a.(Merchant Banks, Trust Com & Finance Houses)

Assets/Liabilties …………………………….……..…..…… 30,960.81 29,832.67 29,616.51 -4.34Loans Outstanding ………………………………….…..… 9,080.75 11,110.48 11,944.18 31.53Total Deposits …………………………………..…..……… 14,042.85 15,739.16 15,443.09 9.97

Loan Quality (%) - 3 mths & Over Sep-14 Aug-15 Sep-15Past Due Loans / Total Loans ………………….……… 1.24 0.90 0.99

Liquidity Ratio Sep-14 Aug-15 Sep-15Liquid Assets Ratio (average) % …………….………..… 32.73 27.14 27.81Statutory Requirement ……………………….…….….… 26.00 26.00 26.00

Fig. 7

NEAR-BANKS (J$mn)** - Cont'd Sep-14 Aug-15 Sep-15 % change p.a.Loans ……………………………………………….....… 9,080.75 11,110.48 11,944.18 31.53

Agriculture …………………………………...…...….… 130.98 151.13 154.99 18.33Manufacturing ………………………………...…...…… 359.70 498.72 1,021.90 184.10Construction & Land Development ………..….....…..… 751.22 1,241.20 1,330.86 77.16Mining, Quarrying & Processing …………….….…...… 197.26 213.17 211.07 7.00Tourism ……………………………………..…...….…. 436.57 768.56 885.85 102.91Transport, Storage & Communication ……….……....… 121.70 75.58 75.62 -37.86Consumer Oriented …………………………….……… 6,732.47 7,828.23 7,932.98 17.83Government Services ………………………….....……. 0.00 0.00 0.00 -Other …………………………………………….…….. 350.85 333.88 330.91 -5.68

VII. BUILDING SOCIETIES (J$mn) Sep-14 Aug-15 Sep-15 % change p.a.(members & associate members)

Assets/Liabilities ……………………………………….… 227,624.36 239,390.01 241,204.91 5.97Loan Balances ……………………………………….….… 104,275.07 113,881.24 114,671.74 9.97Savings Funds ………………………………………...…… 148,294.84 160,863.97 162,536.04 9.60

Loan Quality (%) - 3 mths & Over Sep-14 Aug-15 Sep-15Past Due Loans / Total Loans ……………….…...….…… 5.20 4.86 4.69

Fig. 9

Fig. 8

Fig. 10

0

10000

20000

30000

40000

J

$

m

n

Near Banks: Assets & LiabilitiesSept 2014 ‐ Sept 2015

Assets & Liabilities Deposits Loans and Advances

0100002000030000400005000060000700008000090000

0600120018002400300036004200480054006000

J

$

m

n

J

$

m

n

Instalment CreditSept 2014 ‐ Sept 2015

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

- 30,000 60,000 90,000

120,000 150,000 180,000 210,000 240,000 270,000

J$MN

Building Societies - Assets and Liabilities Sept 2014 - Sept2015

Assets & Liab Loans & Advances Savings Fund

215

220

225

230

235

-0.9-0.6-0.3

00.30.60.91.21.51.82.12.4

I

n

d

e

x

P

e

r

c

e

n

t

Inflation & CPISept 2014 - Sept 2015

Inflation Rate ‐ l.h.s CPI ‐ r.h.s

* As at June 2008 PanCaribbean Merchant Bank ended operations

4

VIII. INFLATION Sep-14 Aug-15 Sep-15 % change p.a.Consumer Price Index (Dec 2006 = 100) ………......… 225.9 229.0 230.0 1.81Monthly Rate (%) ………………………………......… 2.1 0.8 0.4Calendar Year to Date (%) ………………………….… 7.2 2.2 2.6Fiscal Year to Date (%) ………………….………....… 5.4 2.8 3.3

IX. ACTUAL PRODUCTION ('000) Sep-14 Aug-15 Sep-15 % change p.a. Crude Bauxite (tonnes) ……………………..……....… 333.28 535.07 428.70 28.63 Alumina (tonnes) ………………………………...….. 151.20 163.79 140.81 -6.87 Sugar (tonnes) …………………………….…...…....… 0.00 0.00 0.00 -

X.QUARTERLY GROSS DOMESTIC PRODUCT REAL GROWTH RATES (%) Jun-14 Mar-15 Jun-15

Total Value-Added at Basic PricesSeasonally Adjusted*** …………………..…….… 1.3 0.2 1.5Seasonally Unadjusted**** …………….…….….… 2.0 0.4 0.6

XI. STOCK MARKET ACTIVITIES Oct-14 Sep-15 Oct-15 % change p.a.Index* ………………………………………....…….… 71,706.29 96,324.59 131,284.04 83.09Volume Traded (mn)** ……………………………..… 64.05 571.77 110.01 71.75

Ordinary Shares …………………………...…….… 64.02 571.77 110.01 71.84Block Transactions ………………………..…….… 0.04 0.00 0.00 -

Value of stocks Traded (J$mn)** ……………..…….… 346.40 3,861.15 1,493.91 331.27Ordinary Shares …………………………….……… 346.08 3,861.02 1,493.91 331.67Block Transactions …………………………..…… 0.32 0.13 0.00 -

Advance/Decline Ratio** ……………………………. 11/18 10/21 45/8

Fig. 11

XII. REMITTANCE (US$mn) Jul-14 Jun-15 Jul-15 % change p.a.Net Remittances ………………………..……….….… 161.0 173.2 168.0 4.35

Total Remmittance Inflows ……………….…...….… 183.1 188.4 190.1 3.82Remittance Companies ………………...……….… 155.8 166.0 167.1 7.25Other Remittances ………………………...…....… 27.3 22.5 23.0 -15.75

Total Remmittance Outflows ……………………..… 22.1 15.2 22.1 0.00

XIII. TOURISM Sep-14 Aug-15 Sep-15 % change p.a.

Tourists Arrivals ('000) ……………………...……..… 175.79 265.03 203.25 15.62Stop Over ……………………………………...…. 106.78 169.06 114.28 7.02

Foreign Nationals ………………………...……. 98.49 155.80 105.87 7.50Non - Resident Jamaicans …………………...… 8.30 13.26 8.41 1.35

Cruise ………………………….…………...….…. 69.00 95.96 88.97 28.94

Fig. 12

0

20000

40000

60000

80000

100000

120000

140000

UNITS

JSE IndexOct 2014 - Oct 2015

120

140

160

180

200

220

Jul‐14

Aug‐14

Sep‐14

Oct‐14

Nov‐14

Dec‐14

Jan‐15

Feb‐15

Mar‐15

Apr‐15

May‐15

Jun‐15

Jul‐15

U

S

$

M

N

Remittance InflowsJul 2014- Jul 2015

* 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 Apr -Jun 2014 Apr -Jun 2015 Change

(a) Major Traditional Exports ………………….…… 169.55 191.59 22.04Bauxite ……………………………….……….… 34.37 33.76 -0.61Alumina ……………………………………...… 108.64 139.46 30.82Sugar ……………………………………….…… 26.53 18.30 -8.23Banana ……………………………………….… 0.00 0.06 0.06

(b) Other Traditional Exports …………………….… 21.02 4.84 -16.18(c) Non-Traditional Exports ……………………….… 97.41 76.48 -20.94(d) Re-exports ………………………………….…… 33.90 14.28 -19.63General Merchandise Exports ………………….… 321.88 287.18 -34.70(e) Freezone Exports …………………………….…… 0.00 0.00 0.00(g) Goods Procured in Ports ……………………….… 48.42 30.22 -18.19TOTAL GOODS EXPORTS ………………….… 370.30 317.40 -52.89

2a. IMPORTS (by SITC) Apr -Jun 2014 Apr -Jun 2015 Change General Merchandise Imports ………….………….… 1,445.58 1,300.70 -144.89

Food ……………………………….……….…… 234.09 225.41 -8.68Beverage & Tobacco ………………………….… 17.23 17.54 0.32Crude Material ………………………….……...… 16.75 19.98 3.23Mineral Fuel ………………………….………… 505.43 320.35 -185.09Animal & Vegetable Oil ……………………….… 12.94 9.12 -3.83Chemicals …………………………………….…… 138.86 152.70 13.84Manufactured Goods …………………………..… 158.42 157.90 -0.52Machinery & Transportation ………………….… 224.51 252.09 27.58Miscellaneous Manufactured Goods ………...….… 112.58 116.51 3.93Miscellaneous Commodities ………………...…… 24.76 29.10 4.34

Freezone Imports ………………………………….… 0.00 0.00 0.00Goods Procured in Ports ………………………….… 13.04 7.26 -5.78

TRADE GOOD IMPORTS(cif).……………….….. 1,458.63 1,307.96 -150.67

Trade Balance …………………………………….…… -1,088.33 -990.55 97.78

IMPORTS (by End-Use) Apr -Jun 2014 Apr -Jun 2015 Change Consumer Goods ……………………………….…… 425.95 420.63 -5.32Raw Materials …………………………………….… 877.45 740.48 -136.97Capital Goods …………………………………….… 142.19 139.60 -2.58

General Merchandise Imports …………………………. 1,445.58 1,300.71 -144.87Freezone Imports …………………………………….… 0.00 0.00 0.00Goods Procured in Ports ………………………………. 13.04 7.26 -5.78

TOTAL GOODS IMPORTED (cif) .……………….… 1,458.63 1,307.97 -150.65

   

Fig. 13 Fig. 14

 

-860.9

-147.9

-230.0

-431.8

-270.8

-127.1

-270.8

-85.5

-1000.0

-900.0

-800.0

-700.0

-600.0

-500.0

-400.0

-300.0

-200.0

-100.0

0.02008 2009 2010 2011 2012 2013 2014 2015

US

$MN

Current AccountApr-Jun

‐200.0

‐150.0

‐100.0

‐50.0

0.0

50.0

0.Food

1.Bev. & Tobac.

2.Crude M

ats.

3.Min. Fuel

4.Ani. &

Veg. O

il

5.Chem

icals

6.Manuf. G

oods

7.Mach. &

Transp.

8.Misc. M

an Gds

9.Misc. C

omm

ds

US$M

n

Change in Imports by SITC

+ Revised 6

XV. *BALANCE OF PAYMENTS (US$mn) Apr - Jun Apr - Jun Change Balance of Payments (Calendar) 2014 2015

1. Current Account Balance……………………………………… -270.7 -85.5 185.2Credits ……………………………………………………… 1,787.1 1,780.8 -6.3Debits………………………………………………………… 2,057.8 1,866.3 -191.5

A. Goods & Services……………………………………………… -753.1 -607.9 145.2Exports……………………………………………………… 1,064.0 1,022.8 -41.2Imports……………………………………………………… 1,817.1 1,630.7 -186.4

Goods………………………………………………………… -912.0 -832.0 80.0Exports (fob)……………………………………………. 370.3 317.4 -52.9Imports (fob)……………………………………………. 1,282.3 1,149.4 -132.9

Services……………………………………………………… 158.9 224.1 65.2Exports……………………………………………………… 693.7 705.4 11.7Imports……………………………………………………… 534.8 481.3 -53.5

B. Primary Income……………………………………………… -79.0 -79.2 -0.2Credits………………………………………………………… 107.6 104.8 -2.8Debits………………………………………………………… 186.6 184.0 -2.6

C. Secondary Income…………………………………………… 561.3 601.7 40.4Credits………………………………………………………… 615.5 653.2 37.7Debits………………………………………………………… 54.2 51.5 -2.7

2. Capital Account…………………………………………………… 1.4 2.8 1.4Credits………………………………………………………… 1.4 2.8 1.4Debits………………………………………………………… 0.0 0.0 0.0

Net lending (+) / net borrowing (-) (balance from current and capital account) -269.3 -82.7 186.6

3. Financial AccountNet lending (+) / net borrowing (-) (balance from financial account) -232.4 -103.8 128.6

A. Direct Investment……………………………………………… -188.6 -140.2 48.4Net acquisition of financial assets……………………….. -3.3 -2.0 1.3Net incurrence of liabilities…………………………………… 185.3 138.2 -47.1

B. Portfolio Investments………………………………………….. 173.7 301.0 127.3Net acquisition of financial assets……………………….. 361.6 158.2 -203.4Net incurrence of liabilities…………………………………… 187.9 -142.8 -330.7

C. Financial Derivatives………………………………………….. -66.5 28.8 95.3Net acquisition of financial assets……………………….. -73.5 21.1 94.6Net incurrence of liabilities…………………………………… -7.0 -7.7 -0.7

D. Other Investments……………………………………………… -118.9 -140.9 -22.0Net acquisition of financial assets……………………….. 170.2 159.0 -11.2Net incurrence of liabilities…………………………………… 289.1 299.9 10.8

Reserves Assets……………………………………………………………… -32.1 -152.5 -120.4

Net Errors and Omissions………………………………………… 36.9 -21.1 -58.0

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

Oct-14 Sep-15 Oct-15 % change p.a.

XVI. BOJ NET INTERNATIONAL RESERVES (US$mn) BOJ Net International Reserves (US$mn) ………………………………...….… 2,007.21 2,441.88 2,454.31 22.27

Gross Foreign Assets …………………………………………………...…... 2,514.59 2,890.45 2,895.23 15.14Gross Foreign Liabilities …………………………….………………...…..… 507.38 448.57 440.91 -13.10

Estimated Gross Reserves in Weeks of Goods Imports …………………….… 25.74 32.34 33.15Estimated Gross Reserves in Weeks of Goods and Services Imports ……….. 18.21 22.39 22.83

XVII. FOREIGN EXCHANGE DEVELOPMENTS (US$mn) * Sep-14 Aug-15 Sep-15 % change p.a.

Combined Foreign Exchange Trading Foreign Exchange Purchases (spot) ………………..…………………...….. 840.67 732.12 879.19 4.58Foreign Exchange Sales (spot) …………………………………..………..... 870.92 756.93 872.67 0.20

Foreign Currency Deposit Balances of Authorised Dealers (US$mn) Sep-14 Aug-15 Sep-15% change

p.a.Commercial Banks Balances ……………………………………...……..….. 2,044.90 2,129.13 2,190.62 7.13

A Accounts 1/ ……………………………………………………...…..… 72.56 56.81 54.99 -24.22B Accounts …………………………………………………...………..… 0.10 0.10 0.09 -5.05Other ………………………………………………………………...……. 1,972.25 2,072.23 2,135.54 8.28

FIAs Balance ……………………………………………...……………...…. 81.01 81.75 73.78 -8.93A Accounts 1/ …………………………………………………….…...….. 18.25 18.04 16.39 -10.22B Accounts …………………………………………………………...…... 0.00 0.00 0.00 -Other ………………………………………………………………....…… 62.76 63.71 57.39 -8.56

Building Societies Balances ………………………………………….…...….. 607.16 633.54 633.35 4.31A Accounts 1/ …………………………………………………...……..… 269.98 276.80 276.76 2.51B Accounts …………………………………………………...……...….. 54.22 52.31 51.81 -4.44Other ……………………………………………………….…………….. 282.96 304.43 304.78 7.71

Total Foreign Currency Deposits (US$mn) …………………………………… 2,733.08 2,844.42 2,897.75 6.03

Total Foreign Currency Loans (US$mn) ……………………………………… 1,085.98 1,091.24 1,084.73 -0.12Commercial Banks ……………………………………………………….. 1,037.63 1,031.28 1,024.86 -1.23FIAs …………………………………………………………...……..….. 6.14 10.85 11.46 86.68Building Societies ………………………………………………..……….. 42.21 49.12 48.40 14.66

London Interbank Offer Rate (LIBOR) Eurodollars (%) Oct-14 Sep-15 Oct-153 months ………………………………………………………..…………..….. 0.06 0.04 0.046 months ………………………………………………………….………...….. 0.15 0.02 0.02

Selling Exchange Rates (end period) (J$ per unit of foreign currency) Oct-14 Sep-15 Oct-15US$1.00 ….……………………………………………………….…….……... 112.76 119.06 119.83Can $1.00 ….……………………………………………………..…..…….. 100.58 88.62 90.58UK £1.00 ………………………………………………..……….……….. 180.24 180.15 182.58Euro €1.00*………………………………………………………….…….….….. 142.32 133.58 131.24

Caricom Selling Exchange Rates* (J$ per unit of foreign currency) Oct-14 Sep-15 Oct-15TT $1 ...………………………………………………………….……….….. 17.83 18.80 18.85Bdos $1 ….………………………………………….…………………..…….. 56.38 59.53 59.87Guy $1 ….…………………………………………………...………..……….. 0.55 0.58 0.59EC $1 ….……………………………………………………..…...………….. 41.76 44.10 44.35

* Indicative Rates 8