Jamaica’s Net International Reserves (NIR) Continue to Increase

• Jamaica's Net International Reserves (NIR) rose to US$6.73Bn at the end of January 2026, reflecting a 22.4% increase compared to January 2025.
• A 21.5% rise (US$1.19Bn) in total foreign assets, coupled with a 73.5% reduction (US$36.19 Mn) in foreign liabilities, were the primary drivers of the improvements. The increase in foreign assets was largely driven by a 46.5% growth in Securities (US$927.28Mn), a 9.4% rise in Currency & Deposits, totalling US$307.09Mn, and an increase in IMF Reserve Position of US$2.13Mn.
• Jamaica’s NIR is at an all-time high, equating to 36.1 weeks of goods & services imports (28.9 weeks at the end of January 2025). At this level, the NIR is about 3 times the international benchmark of 12 weeks of imports and provides a solid buffer in the case of a major shock.
• Following the severe impact of Hurricane Melissa in late 2025, the reserves have grown, providing the Bank of Jamaica (BOJ) with sufficient leverage to maintain stability in the foreign exchange market. The increase in reserves is largely supported by pay-outs from Catastrophe Bonds totaling USS$150Mn, and Caribbean Catastrophe Risk Insurance Facility (CCRIF) totaling US$91.90Mn. Further, the IMF approved an additional US$415Mn disbursement in January 2026 under the Rapid Financing Instrument (RFI)
• While the current account is projected to move into a temporary deficit due to reconstruction costs, reserves are expected to remain steady, given strong external debt inflows, insurance payments and increased remittance inflows.
• The country’s NIR is a key component of Jamaica’s "BB" credit rating. By maintaining strong reserves, Jamaica signals to international lenders that it is a safe bet.

(Sources: BOJ & NCBCM Research)