Surging FX assets amid recovering services income and sovereign debt issues lifted Jordan’s central bank total assets by 19% y/y to JOD 13.3bn (USD 19bn) at end-March 2014, the central bank said in its monthly report. FX assets jumped 34% y/y to JOD 11bn at end-March, accounting for 82% of the total.

Jordan’s tourism proceeds grew 11.1% y/y to USD 1.03bn in the first three months of 2014. Remittances from Jordanians residing and working abroad also increased 3.1% y/y to USD 862mn in January-March.

Jordan will also sell up to USD 1bn in Eurobonds in June and also awaits transfers from the IMF. All those factors will lift FX assets and consequently the central bank’s overall position.

The central bank had JOD 4.23bn worth of FX cash, balances and deposits at end-March. The central bank portfolio of FX-denominated bonds and T-bills climbed 41% y/y to JOD 5.34bn at end-March.

Domestic assets (JOD-denominated) totalled JOD 2.24bn at end-Q1, down from JOD 2.33bn the year before. Claims on the public sector totalled JOD 1.43bn over the period, down from JOD 1.48bn at end-February.