Jamaica’s Net International Reserves Down 3.3% in November

• Jamaica’s Net International Reserves (NIR) stood at US$5,408.51Mn at the end of November 2024, 3.3% lower than October 2024, according to the Bank of Jamaica (BOJ). The decline in the NIR reflects a 3.3% (or US$187.94Mn) decrease in total foreign assets, which outweighed the 1.3% decline (or US$0.90Mn) in Foreign Liabilities.
• The dip in foreign assets reflects a fall in Currency and Deposits to US$3,431.58Mn from US$3,660.67Mn, Special Drawings Rights (-92.7% or $18.31Mn) and IMF Reserve Position (-1.3% or $484.45K). However, this was tempered by a 3.1% (or US$59.95Mn) increase in Securities.
• The lower NIR came against the backdrop of three interventions by the BOJ in the foreign exchange market during the month totaling US$130Mn. This represented a slight increase from October, when there were four interventions totalling US$120Mn.
• Despite the month over month decline, the NIR is X% above the November 2023 level. Furthermore, the current level of NIR equates to 28.5 weeks of goods & services imports (29.5 weeks at the end of October 2024). At this level, the NIR is more than double the international benchmark of 12 weeks of imports.

(Source: BOJ)