The Bank of Jamaica's losses fell to $2.7 billion during the period January to October 14 of this year due to the increase in the net international reserves to more than US$7 billion in October and the hike in the US benchmark rate to between 3.75% and 4% per annum.
This is because the central bank purchased US$541 million of the US$1 billion borrowed by the government in September this year.
The bank's losses also fell because of the stability in the value of the dollar during the month of September to October 14.
This is because the reserves are held in US dollars and when the value of the local currency increases against the US dollar, fewer Jamaican dollars are received for one US dollar when it is converted.
Assets climb to $1.4 trillion
Meanwhile, the BOJ is also reporting that its total assets jumped to $1.4 trillion on October 14 of this year, compared with $1.25 trillion on October 8 last year.
This was mainly due to an increase in its foreign assets to $1.1 trillion in October this year, compared with $1 trillion in October last year.
This was also due to an increase in the bank's local assets to $258.4 billion from $241 billion last year.
In the meantime, the bank's total demand liabilities climbed to $924.6 billion from $697.3 billion last year.
This was mainly due to a surge in public sector deposits to $347.9 billion this year from $148.6 billion last year.
The value of deposits the bank held for commercial banks and other deposit-taking financial institutions also climbed to $259.3 billion this year from $258.5 billion last year.
Meanwhile, notes and coins in circulation jumped from $278.2 billion last year to $308.5 billion in October this year.
Its other liabilities dipped, however, to $415.2 billion this year from $487.5 billion last year, while its capital and reserves fell to $61.2 billion from $69 billion last year.
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