Jordan’s reserves of foreign currencies picked up by 8.3 per cent in the first eight months of the current year to a total of $15.24 billion against $14.07bn at the end of 2014, official figures reveal.
The value of the increase in the country’s reserves is $1.17bn, according to statistics released by the Central Bank of Jordan.
The bank said in its monthly bulletin, published by Al-Ghad newspaper, that the country’s hard currency reserves are enough to cover its imports for seven months.
Usually, a country’s foreign currency reserves should be enough to cover its imports for three to sox months.
A number of banking sources said the hike in Jordan’s hard currency reserves came after the Arab kingdom received a $250-million loan from the World Bank.
Furthermore, the Jordanian government has successfully sold U.S. government-guaranteed bonds in global markets to offset the state’s budget deficit.
In 2014, the country’s reserves surged by $2bn to $14bn compared with $12bn recorded in 2013.
The foreign currency reserve is fed by the remittances of a large number of Jordanian expatriates in the Gulf region, foreign direct investments, tourism revenues, dollar-denominated deposits and exports.
($1 = AED3.67, at the time of publishing)