Jamaica’s Net International Reserves (NIR) is currently running just below the International Monetary Fund’s (IMF) March 2021 target of US$3.49 billion.
The NIR out-turn last month increased to US$3.31 billion, reflecting a jump of US$303.15 million relative to the US$3.01 billion reported at the end of February 2021. However, this performance is US$0.17 million below the targeted amount of US$3.49 billion, as per the new agreement with the IMF for the 2020/21 fiscal year, which ended on March 31, 2021.
The country came in above the IMF benchmark of US$3.16 billion in March 2020, closing the fiscal year at US$3.24 billion, which was US$0.09 million above targeted amount. The US$303.15 million increase in the NIR last month resulted from a US$273.06 million increase in the Bank of Jamaica’s (BOJ’s) foreign assets, which total US$4.24 billion compared to the US$3.97 billion reported for February 2021.