News

FX reserves drop again

Jamaica Observer

Friday, April 06, 2012 | 12:09 PM    

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JAMAICA’S net international reserves (NIR) fell by another US$97.5 million ($8.48 billion) in March.

The NIR, which is largely used by the Bank of Jamaica to stabilise the foreign exchange rate, stood at US$1.78 billion at the end of March 2012, compared to the US$1.87 billion at the end of February.

Put another way, the reserves could pay for 17.75 weeks of imported goods and services at March end, compared to the 18.43 weeks it could cover the month before.

The equivalent of twelve weeks is the recommended minimum for reserves to be considered safe.

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