Complex Made Simple

Jordan’s central bank gold assets shoot up by 88 per cent

The total value amounted to JOD993.2 million at the end of November

The value of gold ounces held by the Central Bank of Jordan shot up by a major 88.1 per cent or JOD465.2 million in the first ten months of the current year, according to figures released by the bank.

The total value of these ounces amounted to JOD993.2m at the end of November, compared with JOD528m at the end of last year, according to the data published by Al-Ghad newspaper.

The number of gold ounces held by the Central Bank of Jordan at the end of November exceeds 1.325m ounces or (41.2 tonnes), compared with approximately 620,000 ounces at the end of 2014, an increase of 113 per cent.

Historically speaking, the world’s central banks resort to buying gold during political tensions as a safe haven, compared with using currency and bond markets.

According to recent figures, Jordan’s foreign reserves picked up by six per cent or $887m in the first ten months of the current year to reach $14.96bn, compared with $14.07bn at the end of the last year.

(JOD1 = AED5.18 and $1 = AED3.67, at the time of publishing)