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Economy

Jordan’s FX reserves cover imports for seven months

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The Governor of the Central Bank of Jordan (CBJ) said that monetary stability is the bank’s top priority and the lender is aware of the national economy’s low growth rates and is, consequently.

Wednesday 09, January 2019

The foreign currency reserves at the CBJ surpasses $13.4 billion, which is enough to cover the cost of the Kingdom’s imports of goods and services for seven months, according to local newswire, Jordan News Agency.

Ziad Fariz, the Governor of the CBJ, said that the banking system in the Kingdom is ‘solid and well-structured’ and is able to absorb major shocks and risks due to the fact that banks in Jordan possess high capitalisation ratios, in addition to adequate levels of liquidity. 

The bank has launched the 2018-2020 national strategy for financial inclusion, with the aim to make financial services accessible to everyone and in the belief that financial inclusion is a pillar for realising sustainable as well as comprehensive growth.

Additionally, the Governor said that the Kingdom has adopted a national programme for economic reform in cooperation with the IMF, and it includes a set of important reform procedures that mainly target the general monetary status, the energy sector as well as reducing avert shortcomings in the general budget.

Jordan expects 4.5 per cent inflation this year.

 

TAGS : foreign currency reserves, CBJ

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