Jamaica’s Net International Reserves Down in October

• As at the end of October 2021, Net International Reserves (NIR) stood at US$3,868.07Mn, a 4% (US$96.15Mn) decrease relative to September 2021.
• A 2.0% (or US$94.47Mn) decrease in total foreign assets and a 0.2% increase in foreign liabilities were behind the reduction.
• The NIR for October translated to 45.70 weeks of goods imports, which is lower than the 46.62 weeks reported at the end of September. It also translated to 32.62 weeks of goods & services imports at the end of October (33.27 weeks: September 2021). The drop in NIR and the slight decline in import coverage could likely be influenced by a rise in the estimated cost of imports as energy prices, input and freight costs have been rising.
• At the current level, Jamaica’s NIR remains well-above the international benchmark of 12-weeks of imports.

(Sources: Bank of Jamaica & NCBCM Research)