The Bank of Jamaica has reported significantly higher profits so far this year, driven largely by growth in its foreign assets.
As at December ten, the central bank had recorded net profits of slightly more than J$22 billion dollars, an improvement on the roughly $13 billion profit recorded around the same time last year.
Total assets also increased year-on-year, rising to more than J$1.3 trillion.
The improvement was mainly due to a sharp increase in the Bank's foreign assets, which climbed to about one trillion dollars. By contrast, local assets declined compared with last year.
Foreign assets were largely made up of time deposits, bonds and holdings in the International Monetary Fund's Special Drawing Rights.
Local assets, meanwhile, consisted mainly of Government of Jamaica securities, along with other assets, with a small amount held as advances to financial institutions.
Overall, the figures point to stronger earnings for the central bank, supported by higher foreign asset holdings, despite a contraction in its local asset base.
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