May 8, 2020
Net International Reserves- April 2020
Jamaica’s Net International Reserves (NIR) totaled US$3,132.65 million as at April 2020, reflecting an decrease of US$105.02 million relative to the US$3,237.67 million reported as at the end of March 2020 (see figure 1).
Changes in the NIR resulted from an decrease in Foreign Assets of US$106.77 million to total US$3,581.68 million compared to the US$3,688.45 million reported for March 2020. ‘Currency & Deposits’ contributed the most to the decrease in Foreign Assets. ‘Currency & Deposits’ as at April 2020 totaled US$3,034.65 million reflecting an decrease of US$102.08 million compared to US$3,136.72 million booked as at March 2020.
‘Securities’ amounted to US$323.42 million; US$4.96 million less than the US$328.38 million reported in March 2020. Foreign Liabilities for April 2020 amounted to US$449.03 million compared to the US$450.78 million reported for March 2020. Liabilities to the IMF accounted for 100% of total foreign liabilities, reflecting a US$1.74 million decrease month over month from March 2020.
At its current value, the NIR is US$113.57 million more than its total of US$3,019.08 million as at the end of April 2019. The current reserve is able to support approximately 51.67 weeks of goods imports or 34.99 weeks of goods and services imports.
The country came in above the benchmark of US$3.155 billion outlined by the International Monetary Fund for March 2020, closing the fiscal year at US$3.24 billion, US$0.09 million above targeted amount.
The Net International Reserve (NIR) target outlined as per the new agreement for the 2020/21 fiscal year is US$3.485 billion (see figure 2 above). As at April 2020, the Country is US$0.35 million below the targeted amount.
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