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Net international reserve up - BOJ

Published:Monday | March 17, 2014 | 9:00 AM

The Bank of Jamaica, is reporting that the net international reserve (NIR) is approximately US$1.121 billion.

This is US$52 million more than was recorded at the end of February.

The NIR acts as a measure of foreign goods and services that can be purchased over a period of time.

The Central Bank says it expects to comfortably meet the target under the IMF agreement for the March quarter.

The central bank says headline inflation was lower than projected at 0.5 per cent for the month of January.

The BOJ says for the current fiscal year which ends on March 31, inflation is now likely to fall close to or below the 8.5 to 10.5 per cent target.

According to the bank, the positive trends provide an increasingly solid base for improved stability in the foreign exchange market.

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