… Could climb even more in June and July
Jamaica’s Net International Reserves (NIR) climbed US$100 million last month, influenced by higher tourism inflows.
The NIR at the end of May was US$3.42 billion, coming from US$3.32 at the end of the previous month of April. In April, the NIR increased by US$300 million to US$3.32 billion from US$3.016 billion at the end of February.
The country’s gross reserves are now at US$4.35 billion and include US$930 million due to the International Monetary Fund. The increase in May comes at a time when inflows from tourism are at the highest levels since March 2020.
This is due to the rapid strides being made in tourism with the month of May having the highest number of overseas visitors since the country reopened its borders to tourist in June last year.
Reports from the tourism industry suggest that visitor arrival numbers for June and July will be appreciably better than for May and should add to foreign currency inflows into the country and most likely the NIR as well.
In addition, Jamaica is benefitting from a continued increase in remittance inflows that became evident since May 2020. The reserves are at the highest sustained levels in the country’s history.
The NIR represent an estimated 30.57 weeks of goods and services imports for Jamaica.