NIR Stands Strong at US$6.8 Billion

Jamaica’s Net International Reserves (NIR) stands strong at US$6.839 billion as at March 5, covering 36 weeks of imports of goods and services.

“The global international benchmark is 12 weeks, meaning, it’s considered adequate for a country if its gross reserves cover 12 weeks of goods and services imports. Jamaica has 36 weeks. Our NIR is strong!” declared Finance and the Public Service Minister, Hon. Fayval Williams.

She was opening the 2026/2027 Budget Debate in the House of Representatives on Tuesday (March 10).

Minister Williams noted that the strong NIR will create a buffer as the country faces the current rise in global oil prices due to the conflict in the Middle East.

“We have worked, Madam Speaker, to ensure the Net International Reserves remain strong for moments like these because we know that the true purpose of the NIR is to protect Jamaica against the vagaries of the external world; one such is the significant sudden movement in oil prices. Madam Speaker, here is the perfect example of why we should not party with the rent money. We should not party with the NIR, Madam Speaker. We must keep it strong. It is one of our important buffers,” Mrs. Williams said.

“I say to the people of Jamaica, you have our assurance that no matter to what level the price of a barrel of oil goes, this Government has the leadership capability to lead Jamaica safely through any storm, oil price increase or any other geopolitical issues that come our way,” added.