NIR change resulted from a US$32.36 million increase in foreign assets

Jamaica’s Net International Reserves (NIR) was up US$33.37 million last month to reach US$3.01 billion relative to the US$2.98 billion reported at the end of January 2021.

This change in Jamaica’s NIR position has resulted from a US$32.36 million increase in foreign assets, which total US$3.97 billion compared to the US$3.93 billion reported for January 2021. Currency and deposits contributed the most to the increase in foreign assets.

Currency and deposits as at February 2021 amounted to US$3.40 billion reflecting an increase of US$36.96 million compared to US$3.37 billion booked as at January 2021.

Securities amounted to US$340.47 million, which is US$1.07 million less than the US$341.54 million reported at January 2021. While Jamaica’s Special Drawing Rights & International Monetary Fund (IMF) Reserve Position amounted to US$221.09 million, representing a US$3.53 million decline from the US$224.62 million reported at January 2021.

Liabilities to the IMF accounted for 100 per cent of total foreign liabilities, which amounted to US$954.29 million, which reflected a month-on-month decrease of US$1.01 million in comparison to the US$955.31 million recorded for January 2021.

At its current value, Jamaica’s NIR is US$115.10 million less than its total of US$3,131.28 million reported at the end of February 2020. The current reserve is able to support approximately 50.64 weeks of goods imports and 36.44 weeks of goods and services imports.