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JAM | Jan 12, 2024

NIR went up US$150.5m in December 2023

/ Our Today

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Jamaica’s polymer banknotes, which went into domestic circulation on June 15, 2023. (Photo: Bank of Jamaica)

Jamaica’s Net International Reserves (NIR) went up by US$150.5 million to stand at US$4.75 billion as at the end of December 2023.

This compares to US$4.59 billion reported at the end of November 2023. Foreign assets totalled US$4.85 billion, which was US$131.33 million more than the US$4.72 billion reported in November 2023.

‘Currency & Deposits’ held by the Bank of Jamaica (BOJ) as at December 31, 2023 totalled US$3.16 billion, reflecting an increase of US$120.70 million compared to the US$3.04 billion reported in November 2023.

‘Securities’ were valued at US$1.57 billion, which was US$9.90 million more than the US$1.57 billion reported at the end of November 2023. Jamaica’s Special Drawing Rights with the International Monetary Fund (IMF) rose to US$80.22 million, relative to the US$79.71 million recorded a month prior.

Bank of Jamaica (BOJ) Deputy Governor for Research and Economic Programming and Financial Stability, Robert Stennett (left), converses with International Monetary Fund (IMF) Deputy Division Chief, Western Hemisphere Department, Anna Ivanova. Occasion was the presentation of the findings of the October 2023 IMF Regional Economic Outlook Western Hemisphere: Securing Low Inflation and Nurturing Potential Growth report. (Photo: JIS)

‘IMF Reserve Position’ rose to US$36.69 million, up from the US$36.46 million reported last month. Liabilities to the IMF fell US$19.22 million to US$110.41 million against the US$129.63 million reported at the end of November 2023.

At its current value, Jamaica’s NIR is US$771.89 million or 19 per cent higher than the US$3.97 million held by the BOJ on December 31, 2022. The current NIR supports approximately 34.82 weeks of goods imports and 23.89 weeks of goods and services imports.

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Bank of Jamaica IMF Reserve Position Jamaica’s Net International Reserves

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