KINGSTON, Jamaica, CMC – The Bank of Jamaica (BOJ) says the island’s economy has grown in the range of four to 5.5 percent for the fiscal year 2022/23 and that the estimated out-turn for the January to March 2023 quarter ranged between 3.5 and 4.5 percent. BOJ Governor, Richard Byles, said this “is a faster growth rate than the 3.8 percent recorded for the December 2022 quarter”.
Byles said there are signs that the economy continues to expand for the April to June 2023 quarter, adding that gross domestic product (GDP) growth for the fiscal year 2023/24 is projected to be one to three percent.
“The Bank expects that this growth for the year will be largely driven by the resumption of production at the JAMALCO alumina plant, supported by some improvement in agriculture and manufacturing production,” the Governor said.
Byles said the foreign exchange market remains “relatively stable,” partly reflecting BOJ actions in response to higher-than-targeted inflation.
He said that as of May 18, this year, the Jamaican dollar appreciated against the US dollar by 0.4 percent, compared to a depreciation of 3.3 percent over the corresponding period last year.
“In this context, for the calendar year to date, BOJ sold approximately US$398.3 million via its (BOJ) Foreign Exchange Intervention Trading Tool] B-FXITT facility, and a further US$10 million to selected public enterprises, including Petrojam. When these sales are set against BOJ purchases, the result is a net purchase of US$470.3 million.”
The Governor said Jamaica’s gross international reserves, as of May 18, 2023, remained “substantial” at approximately US$4.7 billion.
“The Bank projects that the gross reserves will remain adequate in the medium-term,” he said, assuring that despite recent turmoil in the banking sector overseas, the domestic financial system remains sound with adequate capital and liquidity.
“Deposit-taking institutions (DTIs) have remained in compliance with prudent liquidity standards, and the quality of the DTIs’ loan portfolio has remained stable,” he added.
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