February 8, 2023
BOJ has reported that Jamaica’s Net International Reserves as at January 31, 2023 stood at US$3,865.64 million, reflecting a decline of US$110.61 million when compared to the US$3,976.25 million reported at the end of December 2022.
Foreign Assets totalled US$4,416.47 million, US$101.32 million less than the US$4,517.79 million reported in December 2022. ‘Currency & Deposits’ held by the BOJ as at January 31, 2023 totalled US$2,698.60 million, reflecting a decline of US$117.72 million compared to the US$2,816.32 million reported in December 2022.
‘Securities’ were valued at US$1,538.27 million; US$13.10 million more than the US$1,525.16 million reported at the end of December 2022. The country’s ‘Special Drawing Rights & IMF Reserve Position’ rose to US$179.60 million from the US$176.31 million reported last month. Liabilities to the IMF increased by US$9.28 million to US$550.83 million against the US$541.54 million reported at the end of December 2022.
At its current value, the nation’s international reserve is $357.98 million, or 10% higher than the $3,507.66 million held by the BOJ on January 31, 2022. The current NIR supports approximately 36.61 weeks of goods imports and 24.63 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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