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Foreign reserves up to around $13b in 2016

By JT - Mar 07,2017 - Last updated at Mar 07,2017

AMMAN — The Central Bank of Jordan's (CBJ) foreign reserves stood at $12.883 billion at the end of 2016, sufficient to cover the Kingdom's imports of commodities and services for seven months, the Jordan News Agency, Petra, reported. 

Local liquidity increased by 4 per cent in 2016 compared to 2015, reaching JD32.876 billion, according to CBJ's monthly report. 

The report also indicated that the accumulative credit facilities extended by licensed banks in the Kingdom increased by 8.5 per cent, up to a total of JD22.906 billion, JD19.9 billion of which was borrowed by the resident private sector. 

Deposits increased last year by 1 per cent from 2015, up to JD32.9 billion, JD26 billion of which was in Jordanian dinars while the rest in foreign currency, the report said, adding that "interest rates in 2016 regressed on deposits and facilitation, compared to 2015, except for bills and deducted bonds".

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Despite this figure, if one adds the total amount of foreign exchange spent per year through the importation of domestic helpers that are neither needed or necessay, this figure becomes useless. Jordan need to consider its priorities and start to contain them through a reasonable order of need

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