https://arab.news/b9khg
- Gold holdings at the end of May were valued at $7.76 billion
- Qatar Central Bank recorded a 3.6% increase in its foreign currency reserves and liquidity
RIYADH: Jordan鈥檚 foreign exchange reserves remained largely unchanged in May, standing at $22.76 billion, as per new data released by the Central Bank of Jordan.
The slight month-on-month dip 鈥� about 0.2 percent from April 鈥� reflects broad stability in the Kingdom鈥檚 external buffers.
Jordan鈥檚 foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries.
The Qatar Central Bank recorded a 3.6 percent increase in its foreign currency reserves and liquidity, reaching 258.135 billion Qatari riyals ($70.9 billion) in May, up from 249.165 billion riyals in May 2024.
Jordan鈥檚 long-term foreign-currency issuer default rating was affirmed at 鈥淏B-鈥� with a stable outlook by Fitch Ratings. File/AFP
Egypt鈥檚 foreign exchange reserves rose to $48.525 billion by the end of May, compared to $48.144 billion in April, marking an increase of $381 million.
鈥淭he Central Bank of Jordan stated in a statement today that its total foreign reserves are sufficient to cover the country鈥檚 imports of goods and services for approximately nine months,鈥� the Qatar News Agency reported.
The central bank also reported that gold holdings at the end of May were valued at $7.76 billion, totaling 2.345 million ounces, underscoring the role of bullion in Jordan鈥檚 reserve composition.
鈥淚t added that the presence of comfortable levels of foreign reserves enhances the ability to influence exchange rates, provides a stable economic environment, and enhances the confidence of foreign creditors and investors,鈥� the QNA report stated, citing the Jordan Central Bank.
The Central Bank of Jordan said its total foreign reserves are sufficient to cover the country鈥檚 imports of goods and services for approximately nine months. File/AFP
In May, Jordan鈥檚 long-term foreign-currency issuer default rating was affirmed at 鈥淏B-鈥� with a stable outlook by Fitch Ratings, citing the country鈥檚 macroeconomic stability and progress on fiscal and economic reforms.
The US-based credit rating agency noted that the rating and stable outlook also reflect Jordan鈥檚 resilient financing sources 鈥� including a liquid banking sector, a robust public pension fund, and sustained international support.
Despite the stable outlook, Jordan鈥檚 credit rating remains below that of several other countries in the region. In February, Fitch affirmed 萝莉视频鈥檚 IDR at 鈥淎+鈥� with a stable outlook, while the UAE was rated 鈥淎A-.鈥�
Fitch said the ratings are constrained by high government debt, moderate growth, risks from domestic and regional politics, as well as current account deficits and net external debt levels that exceed those of rating peers.
Jordan鈥檚 foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. Central Bank of Jordan
A 鈥淏B鈥� rating indicates elevated vulnerability to default risk, particularly in the event of adverse shifts in business or economic conditions. However, it also suggests some degree of financial or operational flexibility in meeting commitments.
Fitch also noted that Jordan鈥檚 government remains committed to advancing its three-pillar reform agenda 鈥� spanning economic, public administration, and political sectors 鈥� despite external pressures.
The agency added that the pace of reforms will continue to be shaped by the need to preserve social stability, resistance from vested interests, and institutional capacity limitations.