Date: April 8, 2020
Jamaica’s Net International Reserves (NIR) totaled US$3,237.67 million as at March 2020, reflecting an increase of US$106.39 million relative to the US$3,131.28 million reported as at the end of February 2020 (see figure 1).
Changes in the NIR resulted from an increase in Foreign Assets of US$91.85 million to total US$3,688.45 million compared to the US$3,596.59 million reported for February 2020. ‘Currency & Deposits’ contributed the most to the increase in Foreign Assets. ‘Currency & Deposits’ as at March 2020 totaled US$3,136.72 million reflecting an increase of US$88.34 million compared to US$3,048.39 million booked as at February 2020.
‘Securities’ amounted to US$328.38 million; US$4.91 million more than the US$323.47 million reported in February 2020. Foreign Liabilities for March 2020 amounted to US$450.78 million compared to the US$465.32 million reported for February 2020. Liabilities to the IMF accounted for 100% of total foreign liabilities, reflecting a US$14.54 million decrease month over month from February 2020.
At its current value, the NIR is US$152.84 million more than its total of US$3,084.83 million as at the end of March 2019. The current reserve is able to support approximately 34.27 weeks of goods imports or 23.22 weeks of goods and services imports.
The country came in 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 March 2020, the Country close the2019/2020 fiscal year US$0.09 million above the targeted amount.
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