Jordan holds $17.5bln in foreign currency reserves — Central Bank governor

Jordan holds $17.5bln in foreign currency reserves — Central Bank governor

AMMAN — Adel Sharkas, governor of the Central Bank of Jordan (CBJ), on Saturday revealed that the Kingdom possesses foreign currency reserves worth $17.5 billion, sufficient to cover imports for more than seven months.

Speaking during the second session of the 8th Jordanian Expatriate Businessmen and Investors Conference, Sharkas anticipated that the inflation rate in the Kingdom would remain at a steady 2.7 per cent by the end of the year which is consistent with the inflation levels observed since the beginning of 2023.

Jordan achieved an inflation rate of only 4.2 per cent in the previous year, the lowest in the region, thanks to the Central Bank's monetary policy and government initiatives to safeguard domestic market prices.

One notable strategic decision that aided this result was ensuring that zthe wheat inventory covers 12 months, effectively shielding Jordan from global price fluctuations that escalated to $650 per tonne of wheat.

Sharkas emphasised that forthcoming financial transactions would conform to international anti-money laundering norms.

Similar to regulations in other countries, these standards would apply in Jordan and smooth entry into these transactions could be facilitated by furnishing the required documentation.

Sharkas explained that the CBJ implemented a strategy for raising interest rates to maintain monetary policy stability,