The latest data from the Bank of Jamaica (BOJ) shows the Net International Reserves (NIR) for the country totalled US$3,016.18 million as of February 2021, reflecting an increase of US$33.37 million relative to the US$2,982.81 million reported at the end of January 2021.
The central bank said the increase has resulted from an increase in the country’s foreign assets and the growth in its foreign liabilities.
According to the BOJ this significant change in the country’s NIR resulted from a US$32.36 million decrease in Foreign Assets which total US$3,970.47 million compared to the US$3,938.11 million reported for January 2021. ‘Currency & Deposits’ contributed the most to the increase in Foreign Assets. ‘Currency & Deposits’ as of February 2021 totaled US$3,408.91 million reflecting an increase of US$36.96 million compared to US$3,71.95 million booked as of January 2021.
The NIR acts as a measure of foreign goods and services that can be purchased over a period of time. It also represents a country’s ability to survive external shocks, to cope with shifts in investor confidence and natural disasters.