The latest data from the Bank of Jamaica (BOJ) shows the Net International Reserves (NIR) for the country totalled US$2,893.31 million as of October 2020, reflecting an increase of US$141.81 million relative to the US$2,747.49 million reported at the end of September 2020.
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$146.25 million increase in Foreign Assets which total US$3,859.62 million compared to the US$3,713.37 million reported for September 2020. ‘Currency & Deposits’ contributed the most to the increase in Foreign Assets. ‘Currency & Deposits’ as of October 2020 totalled US$3,314.60 million reflecting an increase of US$132.05 million compared to US$3,183.55 million booked as of September 2020.
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.