Jamaica’s Net International Reserves Continue to Increase

• Jamaica's Net International Reserves (NIR) rose marginally US$6.48Bn at the end of May 2026, reflecting a 0.5% month over month increase compared to April 2026. The improvement was driven primarily by a 0.5% rise in foreign assets (US$32.09Mn) alongside a marginal 0.2% decline in foreign liabilities (US$0.02Mn).
• The increase in foreign assets was largely driven by a 1.0% growth in Currency & Deposits (US$32.32Mn) and a 0.5% rise in Securities (US$15.12Mn), which were partly offset by a 7.9% decline in Special Drawing Rights (SDRs) equivalent to US$15.27Mn.
• Jamaica’s reserve position remains robust, equating to 26.6 weeks of goods & services imports down from 30.3 weeks at the end of May 2025. At this level, the NIR is more than 2.2 times the international benchmark of 12 weeks of imports, underscoring the country's strong capacity to absorb external shocks. This strong reserve position also remains a key credit strength underpinning Jamaica's BB Sovereign Credit Rating profile.
• Looking ahead, reserve levels are expected to remain supportive of macroeconomic stability despite external risks such as elevated energy prices and global market volatility. The continued accumulation of reserves reinforces Jamaica's external resilience, helping to cushion the economy against foreign exchange pressures, given weaker tourism and mining inflows. It supports the country's ability to meet external obligations, maintain confidence in the Jamaican dollar and mitigate additional inflation pressures form currency depreciation.

(Sources: Bank of Jamaica and NCBCM Research)