Economy Update: June 2013 Net International Reserves

Source: Bank of Jamaica

The spell of the ‘downward streak’ on the Net International Reserves seems to have been banished. In June NIR totaled US$1,003.21M, representing a 1.5% increase over May’s US$988.86 and represents the second time since the start of the calendar year that there has been a consecutive month over month increase.

The increase of the NIR in June  was partly due to an 1% rise in total foreign assets. Total foreign assets rose by US$17.3M over May’s 1,863.8M to US$1,881.11M in June. Total liabilities rose to US$877.9M in June, as the money owed to the IMF increased by US$2.96M to end June totalling US$855.40M.

However, in terms of year over year comparisons, June 2013 NIR represents a decline of  US$537.21M from June 2012’s US$1,540.42M and an even greater 55.7% reduction from the high of US$2,267.13M in June 2011.

The NIR is 1 of 15 common indicators required for surveillance under the Extended Fund Facility arrangement between Jamaica and the International Monetary Fund. The central bank of Jamaica is expected to report NIR data to the Fund monthly.

For more information on the common indicators required for surveillance under the IMF programme check out diGJamaica’s IMF Special Report. Fueled by research, it is the first and only online information portal about Jamaica’s relationship and interaction with the IMF, providing valuable news, data, timelines and resources.