Foreign Currency Reserves in Jordan Banks Increase by 5%

تم نشره في Mon 15 February / Feb 2016. 05:32 PM - آخر تعديل في Mon 15 February / Feb 2016. 06:59 PM
  • mage of the Central Bank Building in Amman - (Archives)

Hiba Al Issawi

AMMAN — The total value of deposits in hard currency at registered banks in Jordan increased by 5.3 per cent by the beginning of 2016, amounting to JOD6.584 billion. This increases the percentage of total deposits in foreign currency that it accounts now for 20 per cent of the overall value of deposits at banks in Jordan, amounting in total to JOD32.598 billion.

Total deposits by the public sector in foreign currency increased 104 per cent over the past year, from JOD23.8 million in 2015 to JOD48.7 million this year; JOD30.6 million of them were made by central government, and JOD18.1 million were deposited by public institutions.

As for deposits by private sector, they also increased by 5 per cent in 2016 totaling JOD6.53 billion and 96.5 per cent of total value of deposits in hard and foreign currency.

Notably, the Central Bank of Jordan (CBJ) has lowered interest rates on primary monetary policy utilities six times in a row since August 2013, the last of which was a four point decrease last July in 2015.

Accordingly, primary interest rate by CBJ was lowered to 2.5 per cent from 2.75 per cent, interest on discount was decreased by 0.25 per cent to 3.75 per cent, while interests on window deposits and interest ranges on term-deposits were also lowered by 0.25 per cent to 1.5 and 2.25-2.5 per cent each, respectively.