JAMAICA |More Cash in Jamaican Pockets This Christmas, But Less Than Last Year

Bank of Jamaica reports slower holiday currency growth as spending patterns shift

KINGSTON, Jamaica – December 24, 2025 – Jamaicans are carrying more cash this Christmas season, but the surge in holiday spending appears smaller than last year, according to figures released today by the Bank of Jamaica.

Between December 12 and 22, the central bank put $17.9 billion in fresh banknotes and coins into circulation while taking back $12.6 billion in old or excess currency from banks and businesses. The difference—$5.3 billion in new money on the streets—represents a 1.7 percent increase in the total amount of cash Jamaicans are using.

While that might sound like a lot of money, it's actually much lower than the 3.4 percent increase seen during the same period last December, suggesting that this year's holiday shopping rush may be more modest than in 2024.

"This is the normal pattern we see every December," explained financial analyst Marcus Thompson, who was not involved in the BOJ release. "People need more physical cash for Christmas shopping, gifts, and holiday expenses, so banks request more money from the Bank of Jamaica to fill their ATMs and teller windows."

Why the Slowdown?

The slower pace of cash demand is notable. For the entire period from December 1 to 22, the currency in circulation grew by $12.6 billion, or 2.9 percent—well below the Bank's own projection of 4.2 percent growth. Last year during the same three-week period, currency use jumped by 4.5 percent.

Several factors may explain the difference. More Jamaicans are using digital payment methods like credit cards, mobile money, and online banking instead of cash. Economic uncertainty following recent events, including the impact of Hurricane Melissa earlier this year, may also have households spending more cautiously this holiday season.

The Big Picture

As of December 22, there was $309.1 billion in Jamaican currency circulating throughout the island—in people's wallets, cash registers, bank vaults, and under mattresses. That's an impressive 11.7 percent more than the same time last year, when growth was just 2.2 percent.

However, when economists adjust for inflation—the rising cost of goods and services—the real increase in cash use is about 6.5 percent. That's still positive growth, unlike last year when inflation-adjusted currency actually declined by 2.7 percent.

The Bank of Jamaica projects that by December 31, the total currency stock will reach approximately $321.6 billion, representing a $21 billion increase for the month.

What This Means for Regular People

For the average Jamaican, these numbers reflect how we're managing our money during the festive season. Banks have ensured adequate cash supplies to meet customer demand, whether for holiday shopping at markets, paying domestic helpers their Christmas bonuses, or sending cash gifts to family members.

"Every December, we see the same thing—people lining up at ATMs and bank tellers because they need cash for the holidays," said Patricia Williams, a bank teller at a Kingston branch. "But I've definitely noticed more customers using their cards this year instead of withdrawing large amounts of cash."

The Bank of Jamaica routinely issues and redeems currency throughout the year to match public demand. During December, this process intensifies as financial institutions request more physical money to stock their branches and machines.

As Jamaicans wrap up their Christmas preparations, the central bank continues monitoring currency flows, ensuring the nation has enough cash on hand to keep holiday commerce flowing smoothly, whether at the supermarket checkout line, the roadside vendor's stall, or the family Christmas dinner table.

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