Jamaica’s International Reserves Tops US $5b

The country’s net international reserves, NIR, has surpassed the US $5 billion mark for the first time in history.

Finance Minister, Dr. Nigel Clarke, highlighted the achievement on Tuesday.

The NIR is the ultimate form of a contingency arrangement for Jamaica. It serves to underwrite stability in the financial markets and influences the foreign exchange rate.

The size of a country’s reserves, relative to its economy and debt, is often used as a measure of fiscal stability.

Dr. Clarke says given Jamaica’s vulnerability to external shocks, it’s a necessity to have adequate reserves.

Dr. Nigel Clarke, Minister of Finance and the Public Service.