Jordan's foreign currency reserves down by 21.1 per cent

Other News Materials 27 April 2008 17:19 (UTC +04:00)

Jordan's foreign currency reserves dropped by 21.1 per cent in the first quarter of the year to 5.42 billion dollars, the Central Bank of Jordan (CBJ) said Sunday.

The CBJ attributed the sharp decline in the country's reserves of foreign currencies to the agreement reached by Jordan last month with the Paris Club of creditor nations under which the Amman government bought back 2.1 billion dollars of its external debts at a discount of 11 per cent, the dpa reported.

However, the CBJ said that Jordan's foreign currency reserves were sufficient to cover the country's imports for four months.

The International Monetary Fund (IMF) advises countries to be in possession of foreign currency reserves that cover their imports for at least three months, economists said.