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Country Report Jamaica Product Image

Country Report Jamaica

  • Published: August 2014
  • Region: Jamaica
  • 24 Pages
  • The Economist Intelligence Unit

Jamaica's net international reserves (NIR) increased by US$805m in July, to US$2.2bn, a jump of almost 59% from the previous month, according to the Bank of Jamaica (the central bank), to nearly double their end-2013 level. Gross reserves stood at just over US$2.8bn in July.

Jamaica's NIR level is a closely watched indicator of its ability to meet its external debt obligations and the government has agreed to increase its reserves under its IMF extended fund facility (EFF) loan agreement. At present, NIR are at their highest level since June 2011 (when they stood at US$2.3bn).

NIR were boosted by the proceeds from the government's successful sale of a US$800m global bond at the start of July. These funds will soon be drawn upon, as they are earmarked to repay external debt that matures in October and to pre-fund payments for maturities due in the next fiscal year. NIR are therefore unlikely to remain at their current level. Nonetheless, they will be supported by an improved external position, with exports, tourism and remittance inflows benefiting from a stronger international economic environment.

Country Report Jamaica

Net international reserves jump above US$2bn in July
Event
Analysis
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