January 08, 2020
Jamaica’s Net International Reserves (NIR) totaled US$3,162.53 million as at December 2019, reflecting an increase of US$56.67 million relative to the US$3,105.87 million reported as at the end of November 2019 (see figure 1).
Changes in the NIR resulted from an increase in Foreign Assets of US$49.25 million to total US$3,631.09 million compared to the US$3,581.84 million reported for November 2019. ‘Currency & Deposits’ contributed the most to the increase in Foreign Assets. ‘Currency & Deposits’ as at December 2019 totaled US$3,082.00 million reflecting an increase of US$46.64 million compared to US$3,035.36 million booked as at November 2019.
‘Securities’ amounted to US$319.71 million; US$0.96 million more the US$318.75 million reported in November 2019. Foreign Liabilities for December 2019 amounted to US$468.55 million compared to the US$475.97 million reported for November 2019. Liabilities to the IMF accounted for 100% of total foreign liabilities, reflecting a US$7.42 million decrease month over month from November 2019.
At its current value, the NIR is US$157.12 million more than its total of US$3,005.41 million as at the end of December 2018. The current reserve is able to support approximately 33.80 weeks of goods imports or 22.94 weeks of goods and services imports.
The country came in slightly below the benchmark of US$3.22 billion outlined by the International Monetary Fund for March 2019, closing the fiscal year at US$3.08 billion, US$0.13 million below targeted amount.
Notably, on November 07, 2019, Jamaica has successfully concluded its economic reform program, which was supported by a US$1.66 billion Stand-By Arrangement from the International Monetary Fund (IMF).
The Net International Reserve (NIR) target outlined as per the new agreement for the 2019/20 fiscal year is US$3.155 billion (see figure 2 above). As at December 2019, the Country is US$0.01 million above targeted amount.
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