BoJ racks up billions in losses

The government is to fund billions of dollars in losses racked up by the Bank of Jamaica since the start of the year. 

The Central Bank Wednesday reported that losses of $7.1 billion were on its books as at June 9.

It is a far cry from the profitable position the Bank was in before its resources were called upon to help fund the governments spending plans prior to the advent of the Jamaica Debt Exchange- a period in which investors shied away from lending to the government.

Central Bank losses are absorbed by the government in the same way profits earned by the Bank of Jamaica are due to the government.