The Governor of the Central Bank of Jordan: Foreign Exchange Reserves Reach $17.5 Billion

The Governor of the Central Bank of Jordan, Dr. Adel Sharkas, said that the Kingdom’s foreign exchange reserves amount to $17.5 billion, and it covers the Kingdom’s imports for more than 7 months.

Stable Inflation Rate Predicted for Jordan

Sharkas expected at the second meeting of the Eighth Jordanian Business and Investor Conference, which opened today, Saturday, that the Kingdom’s inflation rate would remain at 2.7 percent by the end of this year, in line with levels recorded over the past seven years. months of this year.

Interest Rate Hike for Monetary Policy Stability

Sarkas said that the Central Bank resorted to raising interest rates in the context of ensuring the stability of monetary policy and maintaining a positive margin for the dinar exchange rate against foreign currencies, as well as to maintain inflation at an acceptable level.

Central Bank’s Goal: Monetary Stability and Dinar Exchange Rate

Sharkas stressed that the main goal of the Central Bank of Jordan is to maintain monetary stability, which is necessary for general investment, and maintain the stability of the Jordanian dinar exchange rate, anticipating a decrease in interest rates worldwide in the second quarter of next 2024 in the event of continued improvement in economic data. in the United States of America.

Jordan’s Low Inflation Rate and Stable Exchange Rate

And he pointed out that the inflation rate recorded in the Kingdom last year was 4.2 percent, which is the lowest in the region, with world prices reaching $650 per ton of wheat.

He said: “One of the most important constants of monetary stability is the stability of the Jordanian dinar exchange rate against foreign currencies and the fight against inflation, highlighting that Jordan has succeeded in this regard.”

Strong Banking System and International Recognition

He stressed that Jordan has monetary and exchange rate stability, and there are no restrictions on the movement of funds, as evidenced by instructions recently issued by the World Bank and the International Monetary Fund, which indicate that the Jordanian banking system is strong, sound, stable and able to withstand impact.
Source: Petra