Net International Reserves Down 4.8%

The NIR lost another 4.8% or US$54.6Mln in November as Jamaica’s reserves continued to dwindle as seen in the diGJamaica.com chart below:

This is the least amount of international savings we have had since January 2001. As you can generally see in the chart below, the NIR was below US$1mln from 1992 through sometime at the turn of the 21st century, with the exact month being February 2001. Throughout everything, Jamaica has sustained its NIR above US$1mln since then.

Chart above can be found at diGJamaica.com

Another indicator of relevance is the number of weeks of goods imports that the gross official reserves are able to purchase.  Although the NIR was negative for a time in 1992, there were still foreign assets left in reserve that could be used to import goods in case of an emergency (natural disaster).  By this indicator, the NIR is at its lowest since March 2009, when the country could only purchase 12.2 weeks of imported goods.  As of November 2012, Jamaica can still purchase 17.2 weeks of imported goods.

 

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