Jamaica’s Net International Reserve (NIR) has jumped by US$90.26 as at the end of August to US$3.75 billion when compared to the US$3.66 reported at the end of July 2022.

Foreign assets for August totalled US$4.32 billion, which is US$77.78 million more than the US$4.24 billion reported in July 2022. ‘Currency & Deposits’ held by the Bank of Jamaica (BOJ) as at August 31, 2022 totalled US$2.58 billion, reflecting a decrease of US$183.76 million compared to the US$2.77 billion reported in July 2022.

‘Securities’ were valued at US$1.54 billion, which is US$269.80 million more than the US$1.27 billion reported at the end of July 2022. Jamaica’s ‘Special Drawing Rights & International Monetary Fund (IMF) Reserve Position’ fell to US$181.94 million from the US$190.20 million reported last month.

Liabilities to the IMF were reduced by US$12.48 million to US$570.34 million against the US$582.82 million reported at the end of July 2022. At its current value, Jamaica’s international reserve is US$137.86 million or four per cent less than the US$3.88 billion held by the BOJ on August 31, 2021.

The current NIR supports approximately 36.08 weeks of goods imports and 24.04 weeks of goods and services imports.

The BOJ has been boasting that the government has sufficient gross and net foreign reserves to pay its debts, protect against exogenous shocks and handle short- to medium-term unforeseen circumstances.