Foreign Reserves Drop 6.6%, Gold Reserves Up to JOD1.192b

تم نشره في Tue 18 April / Apr 2017. 12:00 AM
  • Gold Bullions at the Central Bank of Jordan (CBJ) - (AlGhad)

AMMAN —AlGhad— According to the first quarter annual report by the Central Bank of Jordan (CBJ), foreign reserves by the end of Q1-2017 have dropped 6.6 per cent, to an equivalent of JOD11.307 billion, from JOD12.115 billion in the end of 2016.

Meanwhile, gold reserves at the Central Bank have increased during this year’s first three months, from JOD1.078 billion by the end of 2016, to JOD1.192 billion.

On the decline in Foreign Reserves, ranking government officials explain that the acquisition of the Hariri Family’s 20 per cent stake at the Arab Bank, worth USD1.12 billion, may have, in part, at least, contributed to the decline.

In the meantime, the government has also been cashing transactions for the Jordan Petroleum Refinery Company, in foreign currency, the same sources confirm.

Notably, the stakes of the Hariri Family at the Arab Bank were bought by Jordanian and Arab investors, including the Bank’s Chairman of the Board, in what is now known as the ‘Hariri-Arabi’ deal.