JCC: Record Foreign Reserves Strengthen Confidence In National Economy

(MENAFN- Jordan News Agency)

Amman, April 15 (Petra) -- The Central Bank of Jordan's foreign reserves have reached unprecedented levels, bolstering confidence in the Kingdom's economic stability and its capacity to overcome challenges, according to Firas Sultan, a representative of the financial and banking sector in the Jordan Chamber of Commerce (JCC).
As of the end of March, foreign reserves stood at $22.02 billion, covering the Kingdom's imports of goods and services for 8.5 months. This marks a significant achievement for the country's monetary policy, positioning Jordan's economy to weather global uncertainties and meet domestic obligations.
Foreign reserves refer to the deposits and bonds held by central banks in foreign currencies, with the US dollar being the primary reserve currency. Other foreign currencies, including the euro, British pound, and Japanese yen, also contribute to these reserves, which play a critical role in stabilizing the national currency and facilitating debt repayment.
Sultan emphasized that foreign reserves are a key indicator of a country's economic resilience. Their significant increase reflects Jordan's ability to face global and local economic pressures while maintaining financial stability. These reserves also highlight the effectiveness of Jordan's monetary policy, which has successfully adapted to evolving economic conditions.
The record levels of foreign reserves are attributed to strategic government decisions aimed at enhancing the business environment and driving economic growth. Sultan noted that these actions, in line with the country's economic modernization vision, have played a pivotal role in shaping the positive economic trajectory.
Furthermore, the substantial foreign reserves provide essential support for trade operations, offering financial stability for businesses engaged in imports and exports.
Sultan also pointed out that this development sends a strong signal to investors, demonstrating the national economy's robust growth prospects and ability to generate favorable results.
The success in building these reserves underscores the effective management of monetary policy by the Central Bank of Jordan. Sultan highlighted that the bank's prudent policies have enabled the country to build foreign reserves sufficient to cover extended periods of imports, further supporting the Kingdom's economic stability and fostering a favorable investment climate.

MENAFN15042025000117011021ID1109430684