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Country Report Jamaica Product Image

Country Report Jamaica

  • ID: 2105438
  • December 2014
  • Region: Jamaica
  • 24 Pages
  • The Economist Intelligence Unit

Net international reserves (NIR) remained at US$2bn at the end of November, the same level as in October, according to the Bank of Jamaica (BoJ, the central bank). Gross reserves dropped by US$82.6m (3.3%), to US$2.4bn.

Jamaica's NIR level is a closely watched indicator of the country's ability to meet its external debt obligations and absorb any potential shocks, and the government has agreed to increase its reserves under its IMF extended fund facility (EFF) loan agreement. At their level in recent months, the NIR have exceeded the target (US$1.17bn) that was set for the end of the third quarter under the EFF. At present, Jamaica's gross reserves are sufficient to cover 17.6 weeks of estimated 2014 goods and services imports (down from 18.2 weeks in October).

The level of reserves has been boosted in recent months by the proceeds from the government's successful sale of an US$800m global bond in July. These funds are now being drawn upon, as they were earmarked to repay external debt maturing by the end of 2014, and to pre-fund payments for maturities due in the next fiscal year. The NIR are therefore likely to decline in the coming months. Nonetheless, the reserves level will be supported in 2015 by an improved external position, with exports, tourism and remittance inflows benefiting from stronger economic growth in the US, Jamaica's main source market for these and its chief trading partner.

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Country Report Jamaica

International reserves hold steady in November
Impact on the forecast

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Note: Product cover images may vary from those shown


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