Aug 2010 Financial News

Needy GOJ sinks BOJ deeper in the red

Aug 27, 2010

The Bank of Jamaica (BOJ) advanced an additional half a billion dollars to the Government of Jamaica in a two-week span, sending the central bank deeper into the red at August 11.

Its losses were disclosed at J$10.2 billion, up from a loss of J$9.7 billion at July 28.

At the same time, financial institutions in hock to the central bank have reduced their debt by J$1.4 billion since late July.

Financial houses now owe the BOJ J$16.2 billion, while the Government owes J$10.2 billion.

A year ago, the Bank of Jamaica was reporting profits of more than J$16 billion.


Source:
business@gleanerjm.com
Jamaica Gleaner
Friday August 27, 2010

http://jamaica-gleaner.com/gleaner/20100827/business/business4.html