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Central Bank of Jordan’s foreign reserves rise to $87 million

Bankers attribute increase to aid from international and foreign agencies.

The foreign reserves of the Central Bank of Jordan rose in the first seven months of this year by 6.1 per cent, compared with $14.07 billion at the end of last year.

Thus, the increase in the balance of foreign reserves of the kingdom at the end of June amounted to $87 million, reports Jordan-based Al Ghad.

The central bank, in its monthly report, says that the level of reserves is enough to cover the kingdom’s imports of goods and services for nearly seven months.

The kingdom’s foreign reserves’ balance has increased by $2bn over the last year to exceed $14bn, compared with $12bn at the end of 2013.

Bankers attribute this rise to the US aid received by the kingdom, the EU’s assistance in the form of soft loans, as well as the approval of a $2.05bn loan for Jordan by the IMF Executive Board to give the country time to correct its budget and balance of payments.

Added to these are the granting of a second development loan from the World Bank and a Japanese soft loan.

($1 = AED 3.67, at the time of publishing).