Jordan posts 42 per cent increase in forex reserves


Jordan posts 42 per cent increase in forex reserves
	Posted on 28 Jan 2010

	Jordan’s foreign currency reserves grew by 41.5 per cent in 2009 to reach 10.9 billion dollars, the Central Bank of Jordan announced. The present reserves are sufficient for covering the country’s imports for 7.5 months compared with 5.8 months at the end of 2008, the CBJ said. To be on the safe side, the International Monetary Fund (IMF) advises countries to have foreign currency reserves that cover imports for at least three months. Economist attributed the jump in Jordan’s foreign currency reserves to the transfers of about 1.5 Jordanian expatriates working mainly in the oil-rich Gulf region. The wide differential of about 4 per cent between the interest rates of the dinar and the US dollar also helped to attract deposits in the national currency and the departure from the greenback, they said DPA


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