Jordan’s foreign reserves reach historic high in 2024
Date
12/24/2024 8:17:59 AM
(MENAFN) Jordan’s foreign reserves have surged by USD21.1 billion in the first eleven months of 2024, a significant increase that is now sufficient to cover 8.4 months of the Kingdom’s imports of goods and services. The Central bank of Jordan (CBJ) confirmed that this reserve amount is the highest in the country’s history, marking a notable achievement for the nation’s financial stability.
In addition to this historic reserve level, the inflation rate has remained steady at 1.5 percent throughout the first eleven months of 2024, reflecting a relatively stable price environment.
The country’s banking sector also saw positive growth, with total bank deposits rising by JD2.7 billion (USD3.8 billion) by the end of October 2024, a 6.1 percent annual increase. This growth brought the total amount of deposits to JD46.0 billion (USD64.8 billion), a sign of increased confidence in the banking system.
Moreover, the volume of credit facilities granted by banks increased by JD1.4 billion (USD2.0 billion), which represents a 4.4 percent annual growth. This brought the total value of credit facilities to JD34.8 billion (USD49.0 billion), indicating robust demand for financing across various sectors of the economy.
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