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Audley Shaw admits error over NIR
2011-05-11 17:32:40 | with audio | (6 Comments)
Finance Minister Audley Shaw- file photo Minister of Finance Audley Shaw today admitted that he made an error when he stated the real status of Jamaica's Net International Reserves (NIR).
The NIR which is held at the Bank of Jamaica is money set aside to buy goods and services in the event that the country is unable to produce.
In opening the Budget Debate the finance minister had declared that the NIR had risen US$2.5 billion, the highest ever.
But the spokesman on finance Dr. Omar Davis said it was an artificial figure because it included the US$400 million that had been raised in a EURO bond that was floated for Government housekeeping expenses.
This afternoon, Shaw admitted that the US$2.5 billion NIR includes the money which has been raised through the bond.
2011-05-11 17:32:40 | with audio | (6 Comments)
Finance Minister Audley Shaw- file photo Minister of Finance Audley Shaw today admitted that he made an error when he stated the real status of Jamaica's Net International Reserves (NIR).
The NIR which is held at the Bank of Jamaica is money set aside to buy goods and services in the event that the country is unable to produce.
In opening the Budget Debate the finance minister had declared that the NIR had risen US$2.5 billion, the highest ever.
But the spokesman on finance Dr. Omar Davis said it was an artificial figure because it included the US$400 million that had been raised in a EURO bond that was floated for Government housekeeping expenses.
This afternoon, Shaw admitted that the US$2.5 billion NIR includes the money which has been raised through the bond.
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