During March 2014 the Net International Reserves (NIR) climbed to US$1,303.62 million, an increase of US$234.27 million or 22% over February 2014. March reserves are the highest since August 2012 US$1,428.60 million, 18 months ago.
In comparison to the corresponding period last year the NIR increased by US$419.37 million or 47%. However, things are not positive when March 2014 is compared to March 2012 the NIR has declined by US$473.51 million or 27% since then.
Foreign Assets increased by US$286.06 million or 16% over the previous month. Of which 25% or an estimated US%71.4 million was a disbursement from the IMF loan for passing the IMF’s third test. Read more here.
According to the latest NIR report from the Bank of Jamaica (BoJ), the reserves as at March 31 were sufficient to purchase approximately 19 weeks of goods only and 14 weeks of goods and services imports, based on the estimated value of imports for the 2013/14 fiscal year.