NIR Ahead of IMF Target
March 17, 2016The Key Point:
The Facts
- Meanwhile, Mr. Byles said Jamaica’s trade deficit continues to decline, narrowing by 12.2 percent for the 11-month period, from January to November 2015, based on the Bank of Jamaica (BoJ) data.
- Mr. Byles indicated that the overall trade gap decline, which primarily resulted from reduced food imports and lower global oil prices, was a “positive development for the country.”
The Full Story
Jamaica’s Net International Reserve (NIR), which currently totals US$2.2 billion, is comfortably ahead of the International Monetary Fund (IMF) March target of US$1.6 billion, the Economic Programme Oversight Committee (EPOC) Co-Chairman, Richard Byles, has informed.
Speaking at EPOC’s monthly briefing at Sagicor Life, New Kingston, on March 15, Mr. Byles said consequent on the NIR being “pretty strong,” Jamaica has “passed the March test” for that quantitative target under the IMF agreement.
Meanwhile, Mr. Byles said Jamaica’s trade deficit continues to decline, narrowing by 12.2 percent for the 11-month period, from January to November 2015, based on the Bank of Jamaica (BoJ) data.
This, he noted, includes trade with CARICOM, which fell by approximately US$500 million.
Mr. Byles indicated that the overall trade gap decline, which primarily resulted from reduced food imports and lower global oil prices, was a “positive development for the country.”