May 1, 2024
Jamaica has obtained an unprecedented Net International Reserves of US $5.137 billion and a historic US $5.231 billion in Gross Reserves as of March 31, 2024.
Dr Nigel Clarke, Finance Minister in an interview with the Jamaican Gleaner highlighted the importance of foreign exchange reserves for the stability and progress of Jamaica’s economy.
The Finance Minister posited that ample reserves play a critical role in facilitating seamless transactions for international trade and commerce.
Moreover, high reserves reduce economic and investment risks and foster a conducive environment for increased investment. The finance minister added that economic resilience is integral to shielding the nation from economic shocks.
“Jamaicans are free to convert into and out of the US dollars from Jamaican dollars at any time to purchase goods from overseas and for other purposes. The only way this can all happen seamlessly is if Jamaica has sufficient foreign exchange reserves.”