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JM | Dec 11, 2020

US$70m jump takes Jamaica’s Net International Reserves to US$2.96b

/ Our Today

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The Bank of Jamaica. (Photo: VisitJamaica.com)

Jamaica’s Net International Reserves (NIR) is on the rise, making a significant jump last month of US$69.46 million and growing to total US$2.96 billion as at November 30, 2020.

At the end of October this year, the NIR, which is held at the Bank of Jamaica (BOJ) was US$2.89 billion. This change in the NIR resulted from a US$72.70 million increase in foreign assets, held by the BOJ, which amounted to US$3.93 billion as at the end of November compared to the US$3.85 billion reported for October 2020.

Currency and deposits contributed the most to the increase in foreign assets. Currency and deposits as at November 2020 totalled US$3.37 billion, reflecting an increase of US$63.58 million compared to US$3.31 billion booked as at October 2020.

Securities amounted to US$331.20 million, which was US$9.77 million more than the US$321.43 million reported at October 2020. While the Special Drawing Rights and International Monetary Fund (IMF) Reserve position came out at US$222.95 million, which was US$0.64 million less than the US$223.59 million reported at October 2020.

Government liabilities to the IMF accounted for 100 per cent of total foreign liabilities, which amounted to US$969.56 million, reflecting a month on month increase of US$3.25 million in comparison to the US$966.32 million recorded for October 2020.

At its current value, the NIR is US$143.11 million less than its total of US$3.10 billion reported at the end of November 2019. The current reserve is able to support approximately 51.99 weeks of goods imports and 37.39 weeks of goods and services imports.

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