Jamaica Closes Fiscal Year with Record High Net International Reserves (NIR)

• According to the Bank of Jamaica (BOJ), Jamaica's Net International Reserves (NIR) reached a record high of US$5.79Bn at the end of March 2025, reflecting a 126% increase compared to March 2024.
• This growth in the NIR was primarily due to an 11.4% rise (US$594.46Mn) in total foreign assets, coupled with a 56.8% decrease (US$53.70Mn) in foreign liabilities.
• The increase in foreign assets was largely driven by a 26.4% growth in Securities (US$422.12Mn) and a 309.3% rise in Special Drawing Rights (SDRs), totaling US$179.80Mn. However, there was a slight decline of US$7.61Mn (0.2%) in Currency & Deposits.
• Jamaica’s March 2025 NIR remains relatively high, equating to 30.7 weeks of goods & services imports (26.4 weeks at the end of March 2024). At this level, the NIR is more than 2,5 times the international benchmark of 12 weeks of imports and should provide a solid buffer in the case of a major shock.
• Maintaining adequate reserves is one of the key pillars of underwriting and ensuring macroeconomic stability. The NIR reflects the difference between gross reserves and the country’s IMF loan debts. Gross reserves measure the total value of foreign exchange and monetary gold reserves, special drawing rights, IMF reserve positions, and other assets denominated in dollars.

 (Sources: BOJ and NCBCM Research)