Figures for the Central Bank of Jordan showed that foreign exchange reserves fell in the first half of this year by about 5.5 percent compared to the level at the end of last year.
The value of foreign exchange reserves at the end of last June was about 11.49 billion dollars, compared to about 12.17 billion dollars six months ago.
According to the central bank, the reserve is sufficient for a period exceeding 7 months, and with the decrease in import due to corona, it will suffice a longer period to meet the requirements of external payments and import for more than 6 months.
Jordan's reserves have started to be affected negatively since 2016 after slowing growth in remittances, tourism income and foreign investment, in addition to the shrinking level of foreign aid. The Jordanian financial community has grown increasingly worried that the state will default on its debts, which have reached significant levels compared to the gross domestic product as a result of excessive borrowing.
The government issued international bonds in two tranches, with a total value of $ 1.75 billion, aimed at overcoming the economic repercussions of Covid-19.
Source (London Arab newspaper, edited)
