Jamaica’s Net International Reserves remains stable

    JN Fund Managers
    JN Fund Managers

    Jamaica’s Net International Reserves (NIR) increased slightly by US$13.99M (0.45%) month over month (MoM) to close July 2018 at US$3.15B. The movement in the NIR was driven mainly by a modest uptick in currency and deposits to the Bank of Jamaica (BOJ) attributable to the BOJ purchasing US dollars from the market through its B-FXITT tool. July’s NIR was sufficient to cover approximately 19.87 weeks of imports of goods and services, which remains well above the 12-week rule of thumb. The NIR has also shown stability over the last 10 months, highlighting Jamaica’s improved international credit worthiness.

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