6 months ago
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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.
English (US) ·