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The 2025 increase is just above the average of US$631 million from 2021 to 2025, but less than the 2024 increase of $836 million, and 2023, with net inflows of US$770 million.
Last year’s growth was the worst since 2021, except for 2022, when inflows fell and dragged down the NIR at the end of that year.
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.
Net International Reserves surged 10 percent in March with a rise of US$303 to US$3.32 billion from US$3.016 billion at the end of February this year.
The buildup comes against a huge selloff of US dollars by dealers in the market between January and March, but the bulk of the increase did not come from normal inflows, information provided to this publication by Bank of Jamaica (BOJ) indicates. BOJ, in response to ICInsider.com enquiry as to the source for the increase, states “the growth of approximately US$303 million in the NIR for the month of March 2021 was mainly influenced by government-related receipts of approximately US$217 million; of which, US$175 million represented multilateral loan inflows from the World Bank and the CDB. The remainder of the inflows were received from authorised dealers and Cambios, under the Bank’s Surrender Arrangement.”
Estimated Reserves represents 53.65 weeks of Goods Imports and 38.71 weeks of Goods & Services Imports. At the end of December, the reserves were $3.13 billion but fell by $148 million in January to $2.98 billion and then increased by marginally to the close of February.
Net International Reserves (NIR) US$69 to close out November at US$2,963 up from US$2,893 in October. Jamaica’s NIR had a big jump of US$146 million in October from US$2.75 billion at the end of September.
Gross reserves rose by $73 million to $3.93 billion that includes US$970 million due to the International Monetary Fund. The October increase was the first major rise in net reserves for 2020. In March, the NIR rose to US$3.24 billion from US$3.13 billion, slipped to US$2.9 billion in May and ended July at a low of US$2.76 billion. The NIR now represents 38 weeks of goods and service imports, the Central Bank states.
Jamaica’s Net International Reserves jumped US$146 million in October to reach US$2.89 billion. The net reserves balance is coming from US$2.75 billion at the end of September.
Gross reserves rose by $146 million to $3.86 billion, including US$966 million due to the International Monetary Fund. The October increase is the first major rise in net reserves for 2020. In March, the NIR rose to US$3.24 billion from US$3.13 billion. By May, it slipped to US$2.9 billion and ended July at US$2.76 billion.
The improvement in the NIR comes against the background of foreign exchange Canbio dealers buying US$424 million from the public and selling $373 million in October as Authorized Dealers bought US$628 million and sold $668 million. Cambios and Authorized Dealers must surrender around 10 percent of all foreign exchange funds purchased to the central bank.