Jordan Chamber of Commerce: Record Foreign Reserves Strengthen Confidence in National Economy - Jordan News
Firas Sultan, the representative of the financial and banking sector at the Jordan Chamber of Commerce, stated that the Central Bank of Jordan's foreign reserves reaching record and historic levels enhances confidence in the national economy and affirms its ability to withstand challenges. اضافة اعلان As of the end of March, Jordan's foreign currency reserves reached $22.02 billion, covering the Kingdom's imports of goods and services for approximately eight and a half months. Foreign reserves are typically defined as deposits and bonds held in foreign currencies by central banks. The U.S. dollar is considered the global reserve currency, but reserves also include holdings in the euro, British pound, and Japanese yen. These reserves help support the local currency's value and enable the government to meet its debt obligations. In a statement issued Tuesday, Sultan explained that foreign currency reserves are a key economic indicator reflecting the strength of a country's economy and its ability to meet obligations and manage crises. They also highlight the prudence of the monetary policy and its responsiveness to local and global changes. He added that reaching these unprecedented reserve levels indicates that the national economy is on the right track, supported by a series of government decisions and actions aimed at improving the business environment, implementing the Economic Modernization Vision, and achieving growth. Sultan emphasized that the availability of foreign currency reserves supports local market trade and provides economic sectors with financial stability, especially in import and export operations. It also sends a strong message to business owners and investors about the national economy's ability to continue growing and delivering positive results. Sultan, who also serves as the Second Vice President of the Chamber, stressed that maintaining adequate foreign currency reserves reinforces confidence in the monetary policies efficiently managed by the Central Bank of Jordan. It also enhances the attractiveness of the national economy and its capacity to meet local market import demands.
He noted that the Central Bank, through its prudent policies, has successfully built up reserves sufficient to cover long periods of imports—an achievement that will strengthen the investment and business climate in the Kingdom and support monetary stability. — (Petra)
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