Jamaica’s net international reserves climbed sharply in October, to a record high of US$5.596 billion up by $395 million from $5.2 billion at the end of September.
Reserves climbed by $200 million in September from August to a then record high. Although not stated, it appears that the rise is coming mainly from the proceeds of the bond issue supported by future airport rental income, with the Bank of Jamaica report showing claims on the government sector falling by nearly US$300 million in October, an indication that the rise in the NIR is related to the government.
The reserves now represent 41.4 weeks of imports of goods and 28.2 weeks of imports of goods and services.