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Foreign reserves at comfortable levels

July 1, 2016 12:31 am

Foreign reserve levels remain comfortable at $1.97 billion up to yesterday.

Reserve Bank Governor and board Chair Barry Whiteside says this is equivalent to 5.5 months of retained imports of goods and non-factor services.

Whiteside highlights that despite the recent uptick in some world commodity prices particularly crude oil and food prices, levels are expected to remain below 2015 benchmarks.

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He says therefore, there is no immediate threat to domestic inflation and external stability at this stage.

Inflation did rise to about 5% in May reflecting domestic supply shortages and temporary price hikes in agricultural products caused by the recent natural disasters but this is expected to ease over the coming months.

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