JAMAICA’S banks ended May with significantly more money sitting at the Bank of Jamaica (BOJ) — and the reason matters beyond the numbers.

It matters because money inside the banking system can help shape loan rates, deposit rates, business financing, returns on short-term investments and pressure on the Jamaican dollar.

BOJ’s latest figures show that Jamaica’s monetary base rose by almost $31 billion in May. Most of that increase came from commercial banks’ current account balances at BOJ, which rose by about $29 billion during the month.