JORDAN FOREIGN EXCHANGE RESERVES DECLINE 6.6%

Amman, – The foreign exchange reserves at the Central Bank of Jordan declined 6.6% to JD11,307 billion in the first quarter of 2017 compared to JD12,115 billion at the end of 2016. A Jordanian government source attributed the drop in the reserves to Ar…

Amman, – The foreign exchange reserves at the Central Bank of Jordan declined 6.6% to JD11,307 billion in the first quarter of 2017 compared to JD12,115 billion at the end of 2016.

A Jordanian government source attributed the drop in the reserves to Arab Bank’s deal last February, in which Jordanian and Arab investors acquired a 20% stake in the bank for $1.12 billion.

The same source added that another reason for the decline that part of the foreign reserve is used for cash transfers to Jordan Petroleum Refinery Company and for the establishment of the government’s unified treasury account.

The value of gold ounces at the Central Bank increased during the first quarter of 2017 to reach 1.192 billion dinars, compared to 1.078 billion dinars at the end of 2016. (QNA)

Source: Qatar News Agency