Jordan’s hard currency reserves increased to $3.1 billion in the first six months of 2002, up from $2.7 billion from the corresponding period in 2001, reported the Central Bank (CBJ). The gains were attributed to a growth in exports and an increase in foreign investments.
The bank predicts that the Kingdom will record a 12.6 percent rise in domestic revenues and a 9.8 percent in public spending, leading to a drop in budget deficits reaching $435 million compared to 7.1 percent during 2001. Estimated foreign aid for 2002 totaled close to $242 million, making the budget deficit 2.9 percent of the GDP compared to three percent in 2001.
Established in 1964, CBJ enjoys the status of an independent and autonomous corporate body, although its capital is owned entirely by the government. It issues and regulates bank notes and coins, maintains the Kingdom’s reserves of gold and foreign exchange and advises the government on the formulation and implementation of fiscal economic policies. — (menareport.com)
© 2002 Mena Report (www.menareport.com )