AUGUST 2012 VOLUME 22 - NO. 8

2012 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 ………………………………………....…… 1-2Interest Rates (Selected) ………………………………………………………….….. 2-3Securities …………………………………………………………………………..…. 3Instalment Credit ……………………………………………………………….…….. 3Near-Banks ……………………………………………………………………….….. 4Building Societies………………………………………………………………..……. 4Inflation Rates …………………………………………………………………….….. 4Actual Production ………………………………………………………………...….. 4Gross Domestic Product …………………………………………………………….... 5Stock Market Activities …………………………………………………………...….. 5Remittances……………………………………………………………………..…….. 5Tourism ……………………………………………………………………………..... 5External Trade ……………………………………………………..…………….….. 6Balance of Payments BOJ ………………………………………………….…..…….. 7Net International Reserves ……………………………………………………..…….. 8Foreign Exchange ……………………………………………………...………….….. 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 (Yeild) Fig. 7 - Near Banks: Assets and Liabilites Fig. 8 - Instalement 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 Sub-Accounts

Aug-11 Jul-12 Aug-12 % change p.a.I. MONETARY AGGREGATES (J$mn)

Local and Foreign Currency Money Supply (M1) ……………………..………. 112,717.32 116,583.02 120,684.36 7.07

Currency with the Public ……………………… 45,641.38 48,311.84 49,510.21 8.48Demand Deposits (adj)* …………………….... 67,075.94 68,271.18 71,174.15 6.11

Quasi-Money ………………………………..…… 228,494.75 237,360.97 238,609.56 4.43Time …………………………………….…..… 55,095.53 60,026.96 62,914.68 14.19Savings …………………………………..…… 173,399.22 177,334.01 175,694.88 1.32

Money Supply (M2) …………………………......… 341,212.07 353,943.99 359,293.92 5.30Domestic Credit ………………………………...… 313,813.15 359,205.61 350,933.16 11.83

Local Currency Money Supply (M1) ………………………..…..... 104,339.72 105,905.88 108,969.94 4.44

Currency with the Public …………………….… 45,641.38 48,311.84 49,510.21 8.48Demand Deposits (adj)* ………………..…….. 58,698.34 57,594.05 59,459.73 1.30

Quasi-Money …………………………….…......... 131,329.07 133,380.64 136,732.78 4.11Time ………………………………………...… 30,992.25 30,798.52 34,715.54 12.01Savings ……………………………………..… 100,336.81 102,582.12 102,017.24 1.67

Money Supply (M2) ……………………………... 235,668.78 239,286.52 245,702.72 4.26Domestic Credit ………………………….……..… 242,045.60 288,928.84 288,684.95 19.27

Aug-11 Jul-12 Aug-12 % change p.a.

Base Money ………………………………….…......… 82,207.24 87,157.86 86,275.07 4.95

Fig. 1 Fig. 2

II. COMMERCIAL BANKS (J$mn) Aug-11 Jul-12 Aug-12 % change p.a.

Assets & Liabilities (J$mn)*** ………………..…..… 583,317.22 614,061.31 636,435.12 9.11

Loans** ……………………………………..........…… 252,781.06 289,891.99 294,920.92 16.67Agriculture ………………………..…………….… 5,059.61 5,645.73 6,165.49 21.86Manufacturing ………………………………….... 7,413.48 10,362.00 9,999.33 34.88Construction & Land Development …………...… 20,463.73 19,855.39 20,473.22 0.05Mining ………………………………………….... 538.09 488.11 535.57 -0.47Tourism …………………………………………... 30,995.30 26,687.11 25,661.97 -17.21Transport, Storage & Communication …………… 8,739.17 11,837.48 11,692.22 33.79Consumer-Oriented …………………………….... 146,263.86 180,735.70 185,482.99 26.81Government Services …………………………….… 26,253.36 25,216.50 26,101.14 -0.58Other …………………………………………..…. 7,054.46 9,063.97 8,809.00 24.87

Loan Quality (%) - 3 mths & OverPast Due Loans / Total Loans ………………...…. 7.78 6.46 6.33

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

JM$MN

Money Supply - M1(Local and Foreign Currency)

Aug 2011 - Aug 2012)

Currency with the Public Demand Deposits (adj.) M1

70,000

73,000

76,000

79,000

82,000

85,000

88,000

91,000

0

60,000

120,000

180,000

240,000

300,000

360,000

420,000

JM$mn

JM$mn

Money Supply and Base Money(Aug 2011 - Aug 2012)

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) Aug-11 Jul-12 Aug-12 % change p.a.

DEPOSITS …………………………………….....……. 388,654.00 409,348.47 428,790.32 10.33Private Sector (including overseas residents) …...….. 317,656.36 328,941.54 333,107.35 4.86

Time ………………………………………….….. 68,118.52 72,780.72 75,616.55 11.01Savings …………………………………..…...….. 183,093.43 188,182.32 186,753.45 2.00Demand ………………………………………..…. 66,444.41 67,978.50 70,737.35 6.46

Government ……………………..……………...…… 29,514.11 32,969.12 30,206.61 2.35Time ………………………………..………...….. 1,517.21 1,520.65 1,562.98 3.02

Savings ……………………………..………...….. 4,476.37 3,673.54 3,574.75 -20.14Demand ……………………………..………...…. 23,520.54 27,774.94 25,068.87 6.58

Public Entities ………………………………..…..…. 22,202.14 26,879.71 34,479.51 55.30Time ……………………………………..…...….. 8,764.31 12,180.96 17,315.95 97.57Savings …………………………………..…...….. 8,860.52 8,849.23 10,776.92 21.63Demand ………………………………..…...……. 4,577.31 5,849.51 6,386.64 39.53

Spec. & O.F. Insts. ………………………….....…… 19,281.40 20,558.11 30,996.86 60.76Time ……………………………………....….….. 3,922.27 5,414.84 9,685.28 146.93Savings ……………………………………..……. 1,765.88 2,546.04 4,639.60 162.74Demand ………………………………..……...…. 13,593.24 12,597.23 16,671.98 22.65

Aug-11 Jul-12 Aug-12Current Account Balances with BOJ (J$mn) ……....….. 582.44 487.87 225.84 -61.23

LIQUIDITY (Average) % Aug-11 Jul-12 Aug-12Actual Liquid Assets Ratio …………..……...………. 42.62 30.37 31.06

Cash ………………………………..……...…….. 2.78 2.82 2.96Deposits with BOJ …………………..………...…. 13.12 12.21 12.21Treasury Bills ……………………….………...…. 0.32 0.25 0.28Other ………………………………………..……. 26.41 15.10 15.61

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

III. SELECTED INTEREST RATES (%) Aug-11 Jul-12 Aug-12COMMERCIAL BANKS (Domestic Currency)

Fixed Deposits (J$100,000 & over) 3-6 months ………………………………..…..…. 2.25 - 5.72 2.25 - 5.25 2.25 - 5.259-12 months ……………………………...…..….. 2.25 - 6.25 2.25 - 6.00 2.00 - 6.00

Call Deposits ……………………………..……...….. 3.00 - 4.50 1.00 - 14.00 1.00 - 14.00Average Savings Deposits ………………..…...…….. 2.24 2.08 2.07Average Loan Rate ………………………..…...……. 18.54 17.46 17.55Average Inter-bank Rate ………………..……..…… 3.32 6.25 7.18

540,000560,000580,000600,000620,000640,000660,000

J$MN

Commercial Banks - Assets and LiabilitiesAug 2011 - Aug 2012

Series1

150,000

210,000

270,000

330,000

390,000

450,000

J$MN

Commercial Banks - Deposits and Loans Aug 2011 - Aug 2012

ComBank Loans Deposits

2

III. SELECTED INTEREST RATES (%) (Cont'd) Aug-11 Jul-12 Aug-12

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

1-3 months …………………………..….………… 0.50 - 3.70 0.50 - 3.70 0.50 - 3.703-6 months ……………………………...………… 0.75 - 4.00 0.75 - 4.00 0.75 - 4.006-12 months …………………………….…..….… 0.94 - 4.40 0.94 - 4.40 0.94 - 4.40

Fixed Deposits (US$100,000 & Over) 1-3 months …………………………………...…… 0.80 - 3.70 0.80 - 3.70 0.80 - 3.703-6 months ……………………………….…..…… 0.86 - 4.00 0.86 - 4.00 0.86 - 4.006-12 months ………………………………..……… 1.01 - 4.40 1.01 - 4.40 1.01 - 4.40

Average Loan Rates ………………………….…..…… 10.09 10.05 10.05AverageSavings …………………………………..…… 0.80 0.74 0.72

COMMERCIAL BANKS (Domestic Currency) Aug-11 Jul-12 Aug-12Weighted Fixed Deposits Rate …………………....…. 4.05 3.61 3.39Overall Weighted Deposit Rate ……………….....…… 2.51 2.02 2.00Weighted Loan Rate ……………………………...…… 19.89 17.64 17.54

G.O.J. Treasury Bills (Weighted Average) Yield Aug-11 Jul-12 Aug-121 Months:……………………………………….……… 6.45 6.15 6.193 Months:………………………………………...…… 6.36 6.21 6.286 Months:………………………………………...…… 6.52 6.52 6.63

Fig. 5

BOJ Open Market Rates (%)* …………………...…..….. Aug-11 Jul-12 Aug-1230-Day ……………………………………..…..……. 6.50 6.25 6.25

IV. SECURITIES (J$mn) (Outstanding Balances) Jul-11 Jun-12 Jul-12 % change p.aGOJ Benchmark Investment Notes ………………..……. 804,631.79 867,023.32 872,424.36 8.43GOJ Treasury Bills …………………………..……..…… 4,000.00 4,000.00 4,000.00 -BOJ Open Market Operations ……………….……..…… 129,586.40 78,348.61 63,610.36 -50.91

V. INSTALMENT CREDIT (J$mn) (Banks & Near Banks) Aug-11 Jul-12 Aug-12 % change p.a.

Total Credit Outstanding …………………….…….….… 34,152.13 50,748.33 51,260.05 50.09New Business ……………………………….……….….… 1,294.21 2,396.06 2,050.45 58.43

Fig. 6

0.002.505.007.50

10.0012.5015.0017.5020.0022.50

Percent

Commercial Banks - Interest RatesAug 2011 - Aug 2012

Overall Deposits Weighted Loan

5.80

6.00

6.20

6.40

6.60

6.80Percent

G.O.J Treasury Bills - Weighted Average (Yield)Aug 2011 - Aug 2012

1-Month 3-Month 6-Month

* The 60 day - 365 day BOJ Open Market rates have been withdrawn indefinitely ** As at June 2008 PanCaribbean Merchant Bank ended operations 3

VI. NEAR-BANKS (J$mn)* Aug-11 Jul-12 Aug-12 % change p.a.

(Merchant Banks, Trust Com & Finance Houses) Assets/Liabilties …………………………….……..…..…… 22,634.61 21,197.87 21,374.90 -5.57Loans Outstanding ………………………………….…..… 6,717.19 6,799.22 6,528.46 -2.81Total Deposits …………………………………..…..……… 7,009.16 6,496.39 7,209.11 2.85

Loan Quality (%) - 3 mths & Over Aug-11 Jul-12 + Aug-12 % change p.a.

Past Due Loans / Total Loans ………………….……… 45.06 46.86 48.61 7.88

Liquidity Ratio Aug-11 Jul-12 Aug-12Liquid Assets Ratio (average) % …………….………..… 31.34 32.85 34.76Statutory Requirement ……………………….…….….… 26.00 26.00 26.00

Fig. 7

NEAR-BANKS (J$mn)** - Cont'd Aug-11 Jul-12 Aug-12 % change p.a.

Loans ……………………………………………….....… 6,717.19 6,799.22 6,528.46 -2.81Agriculture …………………………………...…...….… 20.94 17.88 18.57 -11.35Manufacturing ………………………………...…...…… 296.82 355.17 334.90 12.83Construction & Land Development ………..….....…..… 2,262.73 2,243.60 2,235.92 -1.18Mining, Quarrying & Processing …………….….…...… 0.00 0.00 0.00 -Tourism ……………………………………..…...….…. 285.24 299.96 65.52 -77.03Transport, Storage & Communication ……….……....… 18.88 0.38 0.38 -98.01Consumer Oriented …………………………….……… 3,680.11 3,833.23 3,825.81 3.96Government Services ………………………….....……. 0.55 0.18 0.18 -66.73Other …………………………………………….…….. 151.92 48.84 47.18 -68.94

VII. BUILDING SOCIETIES (J$mn) Aug-11 Jul-12 Aug-12 % change p.a.(members & associate members)

Assets/Liabilities ……………………………………….… 184,450.60 193,461.98 194,255.73 5.32Loan Balances ……………………………………….….… 88,013.88 91,419.21 92,105.60 4.65Savings Funds ………………………………………...…… 120,774.99 126,380.04 127,685.64 5.72

Loan Quality (%) - 3 mths & Over Past Due Loans / Total Loans ……………….…...….…… 6.94 6.52 6.44

Fig. 9

Fig. 8

Fig. 10

0

5,000

10,000

15,000

20,000

25,000

Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

J

$

m

n

Near Banks: Assets & LiabilitiesAug 2011 ‐ Aug 2012

Assets & Liabilities Deposits Loans and Advances

0

10,000

20,000

30,000

40,000

50,000

60,000

0

600

1,200

1,800

2,400

3,000

3,600

J

$

m

n

J

$

m

n

Instalment CreditAug 2011 ‐ Aug 2012

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

0

30,000

60,000

90,000

120,000

150,000

180,000

210,000

J$MN

Building Societies - Assets and Liabilities Aug 2011 - Aug 2012

Assets & Liab Loans & Advances Savings Fund

165

170

175

180

185

-0.6

-0.3

0

0.3

0.6

0.9

I

n

d

e

x

P

e

r

c

e

n

t

Inflation & CPIAug 2011 - Aug 2012

Inflation Rate ‐ l.h.s CPI ‐ r.h.s

* As at June 2008 PanCaribbean Merchant Bank ended operations

4

VIII. INFLATION Aug-11 Jul-12 Aug-12 % change p.a.

Consumer Price Index (Dec 2006 = 100) ………......… 174.6 183.2 184.1 5.44Monthly Rate (%) ………………………………......… 0.6 -0.3 0.5Calendar Year to Date (%) ………………………….… 3.8 2.8 3.3Fiscal Year to Date (%) ………………….………....… 3.3 1.1 1.6

IX. ACTUAL PRODUCTION ('000) Aug-11 Jul-12 Aug-12 % change p.a.

Crude Bauxite (tonnes) ……………………..……....… 449.33 404.30 436.63 -2.83 Alumina (tonnes) ………………………………...…. 159.30 152.10 134.98 -15.27 Sugar (tonnes) …………………………….…...…....… 0.00 0.00 0.00 -

X.QUARTERLY GROSS DOMESTIC PRODUCT REAL GROWTH RATES (%) Jun-11 Mar-12 Jun-12

Total Value-Added at Basic PricesSeasonally Adjusted*** …………………..…….… 0.4 -0.5 0.4Seasonally Unadjusted**** …………….…….….… 1.9 -0.1 -0.2

XI. STOCK MARKET ACTIVITIES Aug-11 Jul-12 Aug-12 % change p.a.

Index* ………………………………………....…….… 93,531.84 85,511.52 85,871.47 -8.19Volume Traded (mn)** ……………………………..… 109.16 383.65 82.53 -24.40

Ordinary Shares …………………………...…….… 109.16 383.65 39.72 -63.61Block Transactions ………………………..…….… 0.00 0.00 42.81 -

Value of stocks Traded (J$mn)** ……………..…….… 898.27 3,477.78 925.10 2.99Ordinary Shares …………………………….……… 898.12 3,477.78 730.32 -18.68Block Transactions …………………………..…… 0.15 0.00 194.78 -

Advance/Decline Ratio** …………………………… 22/13 6/22 12/19

Fig. 11

XII. REMITTANCE (US$mn) Aug-11 Jul-12 Aug-12 % change p.a.

Net Remittances ………………………..……….….… 148.8 146.4 147.9 -0.60Total Remmittance Inflows ……………….…...….… 174.5 168.9 170.2 -2.46

Remittance Companies ………………...………. 148.2 145.0 146.4 -1.21Other Remittances ………………………...…....… 26.3 23.9 23.8 -9.51

Total Remmittance Outflows ……………………..… 25.7 22.5 22.3 -13.23

XIII. TOURISM May-12 % change p.a.

Tourists Arrivals ('000) ……………………...……..… 247.93 10.60Stop Over ……………………………………...… 157.23 7.26

Foreign Nationals ………………………...…… 147.03 7.31Non - Resident Jamaicans …………………...… 10.20 6.54

Cruise ………………………….…………...….… 90.70 16.929.58

77.58

Fig. 12

May-11224.16146.58137.01

80,000

85,000

90,000

95,000

100,000

INDEX

JSE IndexAug 2011 - Aug 2012

JSE Index

120.0

140.0

160.0

180.0

200.0

220.0

Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Jul‐12

Aug‐12

U

S

$

M

N

Remittance InflowsAug 2011 ‐ Aug 2012

Series1

* 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 - Jun 2011 Jan - Jun 2012 Change

(a) Major Traditional Exports ………………….…… 417.42 412.32 -5.10Bauxite ……………………………….……….… 68.46 66.90 -1.56Alumina ……………………………………...… 293.19 251.66 -41.53Sugar ……………………………………….…… 55.76 93.69 37.93Banana ……………………………………….… 0.01 0.07 0.06

(b) Other Traditional Exports …………………….… 40.95 32.45 -8.50(c) Non-Traditional Exports ……………………….… 264.30 263.83 -0.47(d) Re-exports ………………………………….…… 35.48 34.45 -1.03General Merchandise Exports ………………….… 758.13 743.05 -15.08(e) Freezone Exports …………………………….…… 20.60 18.79 -1.81(g) Goods Procured in Ports ……………………….… 101.10 108.00 6.89TOTAL GOODS EXPORTS ………………….…. 879.83 869.84 -9.99

2a. IMPORTS (by SITC) Jan - Jun 2011 Jan - Jun 2012 Change General Merchandise Imports ………….………….… 3,160.74 3,120.84 -39.90

Food ……………………………….……….…… 446.72 464.81 18.09Beverage & Tobacco ………………………….… 39.37 40.55 1.18Crude Material ………………………….……...… 36.01 22.37 -13.64Mineral Fuel ………………………….………… 1,250.91 1,207.62 -43.30Animal & Vegetable Oil ……………………….… 33.86 32.07 -1.79Chemicals …………………………………….…… 377.51 329.26 -48.25Manufactured Goods …………………………..… 318.14 311.76 -6.38Machinery & Transportation ………………….… 429.39 445.59 16.20Miscellaneous Manufactured Goods ………...….… 207.86 215.42 7.56Miscellaeous Commodities ………………...…… 20.98 51.39 30.41

Freezone Imports ………………………………….… 9.81 16.84 7.03Goods Procured in Ports ………………………….… 32.75 33.15 0.40

TRADE GOOD IMPORTS ………………………….… 3,203.30 3,170.83 -32.48

Trade Balance …………………………………….…… -2,323.47 -2,300.99 22.48

IMPORTS (by End-Use) Jan - Jun 2011 Jan - Jun 2012 Change Consumer Goods ……………………………….…… 833.47 944.64 111.17Raw Materials …………………………………….… 2,059.62 1,920.54 -139.08Capital Goods …………………………………….… 267.65 255.66 -11.99

General Merchandise Imports …………………………. 3,160.74 3,120.84 -39.90Freezone Imports …………………………………….… 9.81 16.84 7.03Goods Procured in Ports ……………………………….. 32.75 33.15 0.40

TOTAL GOODS IMPORTED………………………….… 3,203.30 3,170.83 -32.47

Fig. 13 Fig. 14

+ Revised 6

XV. BALANCE OF PAYMENTS (US$mn) Jan - Jun Jan - Jun Change Balance of Payments (Calendar) 2011 2012

1. Current Account …………………………………………… -790.1 -639.3 150.8A. Goods balance ………………………………...……... -1951.4 -1933.9 17.5

Exports (fob) ………………………………………….. 880.5 866.1 -14.4Imports (fob) ……………………………………....….. 2831.9 2800.0 -31.9

B. Service Balance …………………………….…..…….. 450.4 447.5 -2.9

Transportation ……………………………………….… -250.5 -273.1 -22.6Travel ………………………………………….……… 1016.7 1042.4 25.7Other Services …………………………………….…… -315.8 -321.9 -6.0

0.0C. Income ………………………………………...……… -269.1 -156.4 112.7

Compensation of Employees …………………….…… 1.7 11.4 9.6Investment Income …………………………….……… -270.8 -167.8 103.0

0.0D. Current Transfers …………………………..……….. 979.9 1003.6 23.6

Official …………………………………………….…… 73.3 66.9 -6.4Private …………………………………………….…… 906.6 936.7 30.0

2. Capital and Financial Account …………………….……… 790.1 639.3 -150.7

A. Capital Account …………………………...….……….. -10.0 -17.1 -7.0Capital Transfers …………………………..…………… -10.0 -17.1 -7.0

Official ……………………………………..………… 10.0 3.0 -7.0Private Investments ...……………………….………. -20.1 -20.1 0.0

Acq/Disp of non-produced non-fin assets ……..……….. 0.0 0.0 0.0

B. Financial Account …………………………….……….. 800.1 656.4 -143.7Other Official Investment …………………………….… 128.3 353.4 225.1Other Private Investment (incl errors & omissions ) …….... 767.5 -122.7 -890.2Reserves ………………………………………………… -95.7 425.7 521.4

Apr - Jun Apr - JunBalance of Payments (Fiscal) 2011/2012 2012/2013 Change

1. Current Account -470.8 -377.7 93.1A. Goods balance …………………………………..….... -980.5 -980.3 0.2

Exports (fob) ……………………………….…………. 461.6 423.3 -38.3Imports (fob) …………………………….……………. 1,442.1 1,403.6 -38.5

B. Service Balance ……………………………...……..... 173.3 180.4 7.1Transportation …………………………………….…… -133.6 -139.4 -5.8Travel ……………………………………………..…… 455.1 470.2 15.1Other Services …………………………………..……… -148.2 -150.4 -2.2

C. Income …………………………………….………….. -159.1 -90.2 68.9Compensation of Employees ……………………..…… 1.8 2.3 0.5Investment Income ……………………………….…… -160.9 -92.5 68.4

D. Current Transfers ………………………………..….. 495.5 512.3 16.8Official ……………………………………….………… 33.0 35.2 2.2Private …………………………………………….…… 462.5 477.1 14.6

2. Capital and Financial Account ………………………..….. 470.8 377.7 -93.1A. Capital Account ………………………………….....…. -4.5 -8.4 -3.9

Capital Transfers ……………………………….………. -4.5 -8.4 -3.9Official …………………………………………….… 5.5 1.6 -3.9Private Investments ...………………………….……. -10.0 -10.0 0.0

Acq/Disp of non-produced non-fin assets ………..…….. 0.0 0.0 0.0

B. Financial Account ……………………………..………. 475.3 386.1 -89.2Other Official Investment ……………………………… -297.3 120.7 418.0Other Private Investment (incl errors & omissions ) …… 486.6 28.7 -457.9Reserves ………………………………………………… 286.0 236.7 -49.3

7

Aug-11 Jul-12 Aug-12% change

p.a.

XVI. BOJ NET INTERNATIONAL RESERVES (US$mn) BOJ Net International Reserves (US$mn) ……………………. 2,126.32 1,483.82 1,428.60 -32.81

Gross Foreign Assets ……………………………………… 3,020.77 2,323.53 2,275.73 -24.66Gross Foreign Liabilities …………………………….……… 894.45 839.71 847.13 -5.29

Estimated Gross Reserves in Weeks of Goods Imports …… 28.18 20.56 20.16Estimated Gross Reserves in Weeks of Goods and Services 20.93 15.48 15.19

XVII. FOREIGN EXCHANGE DEVELOPMENTS (US$mn) * Aug-11 Jul-12 Aug-12Combined Foreign Exchange Trading

Foreign Exchange Purchases (spot) ………………………… 957.54 893.03 866.73Foreign Exchange Sales (spot) ……………………………… 950.54 871.97 854.03

Foreign Currency Deposit Balances of Authorised Dealers (US$mn) Aug-11 Jul-12 Aug-12

% change p.a.

Commercial Banks Balances ……………………………… 1,664.62 1,765.79 1,836.21 10.31A Accounts 1/ …………………………………………… 121.28 176.03 103.14 -14.96B Accounts ……………………………………………… 0.15 0.16 0.16 1.96Other …………………………………………………… 1,543.18 1,589.60 1,732.92 12.30

FIAs Balance ………………………………………………… 45.31 42.11 42.62 -5.92A Accounts 1/ …………………………………………… 17.61 15.02 14.71 -16.45B Accounts ……………………………………………… 0.00 0.00 0.00 -Other …………………………………………………… 27.70 27.09 27.92 0.77

Building Societies Balances ………………………………… 545.51 554.82 559.91 2.64A Accounts 1/ …………………………………………… 245.93 251.70 254.28 3.40B Accounts ……………………………………………… 64.87 64.23 63.90 -1.48Other …………………………………………………… 234.72 238.89 241.73 2.98

Total Foreign Currency Deposits (US$mn) ………………… 2,255.44 2,362.72 2,438.75 8.13

Total Foreign Currency Loans (US$mn) …………………… 1,308.01 1,371.96 1,302.64 -0.41Commercial Banks ……………………………………… 1,194.38 1,261.90 1,193.89 -0.04FIAs …………………………………………………… 30.34 28.76 26.05 -14.14Building Societies ……………………………………… 83.30 81.31 82.70 -0.72

London Interbank Offer Rate (LIBOR) Eurodollars (%) Aug-11 Jul-12 Aug-123 months ………………………………………………………. 1.48 0.26 0.176 months ………………………………………………………… 1.71 0.58 0.45

Selling Exchange Rates (end period) Aug-11 Jul-12 Aug-12US$100 = J$ …………………………………………………… 86.13 89.69 89.82Can $100 = J$ ………………………………………………… 87.88 89.08 90.81UK Pound = J$ ………………………………………………… 140.30 140.60 142.39Euro = J$*……………………………………………………… 124.34 109.81 112.30

Caricom Selling Exchange Rates* Aug-11 Jul-12 Aug-12TT $1 = J$ ……………………………………………………… 13.47 14.02 14.06Bdos $1 = J$ ………………………………………….………… 43.07 44.85 44.93Guy $1 = J$…………………………………………………...… 0.43 0.44 0.44EC $1 = J$ …………………………………………………….. 31.91 33.22 33.28

* Indicative Rates 8