Jamaica’s NIR jumps

Jamaica’s Net International Reserves jumped $75 million to US$3.85 billion in November data released by the Bank of Jamaica shows. The amount is an improvement over October which ended with NIR at US$3.77 billion after a US$33 million fall from September a month that enjoyed a rise of $57 million and August with an increase of US$90 million following a fall of US$144 in July.
The balance at the end of November this year is at the highest at the end of any month for 2022 but is down US$150 million from the end of December last year with a net of US$4 billion which was up $100 million over November 2021. The data suggest that the NIR could match the amount at the end of 2021, with December historically a month that brings in surplus foreign exchange inflows into the country.
With tourist arrivals expected to jump sharply in the first four months of 2023 over 2022 which was about a third lower than in 2019, inflows could be up some fifty percent over 2022 from that sector and could boost the NIR for the first quarter.