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Jordan's Foreign Exchange Reserves declined by 12.8% at the end of July, compared to last year's levels.
According to the figures published by the Central Bank of Jordan, Foreign Exchange Reserves reached a total of $10.68 billion in July, down from $12.25 billion recorded at the end of 2017. Foreign Exchange Reserves also declined in July compared to June's levels at $11.05 billion.
The figures also showed an increase in the Jordanian Central Bank's Holdings of gold, reaching 1.515 million ounces in July versus 1.455 million ounces in June, and 1.305 million ounces in the same month of last year.
Foreign Reserves in Jordan have been negatively affected since the beginning of 2016, due to the slowdown in Remittances from expatriates, tourism revenues and foreign investment.
Jordan depends mainly on expatriates’ remittances, with the volume of remittances accounting for 10.9 percent of GDP, according to World Bank’s indicators.
Source: (Al-Hayat Newspaper, Edited)