March 8, 2023

BOJ has reported that Jamaica’s Net International Reserves as at February 28, 2023 stood at US$3,931.63 million, reflecting an increase of US$65.99 million when compared to the US$3,865.64 million reported at the end of January 2023.

Foreign Assets totalled US$4,472.09 million, US$55.62 million more than the US$4,416.47 million reported in January 2023. ‘Currency & Deposits’ held by the BOJ as at February 28, 2023 totalled US$2,758.80 million, reflecting an increase of US$60.19 million compared to the US$2,698.60 million reported in January 2023.

‘Securities’ were valued at US$1,548.58 million; US$10.32 million more than the US$1,538.27 million reported at the end of January 2023. The country’s ‘Special Drawing Rights & IMF Reserve Position’ fell to US$164.71 million from the US$179.60 million reported last month. Liabilities to the IMF decreased by US$10.37 million to US$540.46 million against the US$550.83 million reported at the end of January 2023.

At its current value, the nation’s international reserve is $342.33 million, or 10% higher than the $3,589.30 million held by the BOJ on February 28, 2022. The current NIR supports approximately 37.08 weeks of goods imports and 24.94 weeks of goods and services imports.

The Bank of Jamaica (BOJ) has long said that the preservation of a relatively healthy Net International Reserves balance will allow the country to adequately respond to economic shocks, finance its obligations and address near to medium-term eventualities.

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