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.
Figure 1
Figure 2
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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