Latin America Edge

研报英文原文证据摘录

Latin America Edge

Lucila Barbeito (54-11) 4348-7229 Juan Goldin (57 601) 869 8746 Latin America Economic Research J P M O R G A Nlucila.barbeito@jpmorgan.com juan.goldin@jpmchase.com

JPMorgan Chase Bank Sucursal Buenos Aires 27 July 2026

Katherine Marney (1-212) 834-2285 Mariana Zepeda (1-212) 272-0919

katherine.v.marney@jpmorgan.com mariana.n.zepeda@jpmorgan.com

Latin America Edge Against this backdrop, the cash dollar surplus in 2Q rose to

US$518mn, more than offsetting the cash deficit recorded in

This is an extract from the EM Edge Data Watch. For the full 1Q and leaving the year-to-date cash surplus at nearly

publication and thematic essay please use this link US$200mn. This is broadly consistent with reserve develop-

ments. High-frequency central bank data place cash reserves

• Bolivia: Balanza Cambiaria: The cash FX window at US$666mn at end-June (up about US$400mn versus June

• Costa Rica: A mid-year rate pivot 2025); as of July 10, cash reserves stood at US$670mn.

• Costa Rica BOP: More than enough to go around Including convertible gold raises available liquidity to

US$762mn.

• El Salvador: The oil bill is coming

Even so, adequacy metrics remain extremely weak. Import

• Honduras: May activity falters, but growth momentum coverage is back below one month, at 0.9 when using liquid

holds

reserves, and the IMF reserve-adequacy metric remains near

• Jamaica: Tourism arrivals slump in May record lows, around 13% when calculated using liquid

• Panama: Further Canal restrictions in preparation for El reserves. Moreover, net reserves as reported by the central

Niño bank (excluding liabilities related to gold operations) stood at

US$3.3bn at end-June, improving by US$864mn since the

• Venezuela: The earthquake aftermath Paz administration took office.