Jordan’s foreign reserves picked up by six per cent or $887 million in the first ten months of the current year to reach $14.96 billion compared with $14.07bn at the end of the last year, according to official statistics.
Foreign reserves are include foreign currency-denominated (mostly US dollar) deposits, bonds and gold with the country’s central bank.
According to the data published by Al-Ghad daily, the Arab kingdom’s current foreign reserves are enough to cover commodities and services exports for close to eight months.
Typically, a country’s foreign currency reserves should be enough to cover its imports for three to six months.
However, the kingdom’s foreign reserves dropped by $148m in October when compared with the $15.11bn recorded in September.
Last year, Jordan’s foreign reserves soared by $2bn to more than $14bn against $12bn at the end of 2013.
Last year’s uptick in the country’s reserves was driven by higher US assistance and soft loans from the European Union, in addition to securing an International Monetary Fund loan.
($1 = AED3.67, at the time of publishing)