Jamaica’s Net International Reserves dips slightly in June 2018

    JN Fund Managers
    JN Fund Managers

    Jamaica’s Net International Reserves (NIR) decreased by US$40.39M (-1.27%) month over month (MoM) to close June 2018 at US$3.14B. The downward movement in the NIR was driven mainly by a decline of -1.81% in currency and deposits to the Bank of Jamaica (BOJ). The decrease in currency and deposits was primarily attributable to the net effect of the BOJ purchasing US dollars from the market through its B-FXITT tool and the Government of Jamaica’s (GOJ) part redemption in June for the 2019 GOJ Global bond. June’s NIR was sufficient to cover approximately 19.80 weeks of imports of goods and services, which remains well above the 12-week rule of thumb.

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