Jordan Reappoints Central Bank Governor Al-Sharkas as Reserves Reach 28.4 Billion Dollars
Jordan’s cabinet has extended Adel Al-Sharkas’s term as Governor of the Central Bank of Jordan by 5 years, the state news agency Petra reported on 17 September. It said foreign currency reserves reached 28.4 billion dollars at the end of August, compared with 18 billion dollars at the end of 2021.
Reserves up by more than half
On our calculation reserves have risen 10.4 billion dollars, or about 58 percent, since the end of 2021. Al-Sharkas took office on 10 January 2022, so that period covers almost all of his first term. Over the 56 months to August the increase averages about 2.2 billion dollars a year, on our calculation. The same report put average annual inflation at 2 percent.
The central bank reported on 19 August that workers’ remittances rose 13.3 percent in June from a year earlier and reached 2.5 billion dollars in the first half, up 14.3 percent.
| Measure | Value | Period |
|---|---|---|
| Foreign currency reserves | $28.4 billion | End Aug 2026 |
| Foreign currency reserves | $18 billion | End 2021 |
| Change, our calculation | +$10.4 billion | 56 months |
| Workers’ remittances | $2.5 billion | H1 2026 |
Reserves as reported by the news agency. Remittances from the Central Bank of Jordan, up 14.3 percent on the first half of 2025.
The first term
During the first term Jordan left the Financial Action Task Force grey list in October 2023, and the bank rolled out a 760 million dinar package in 2026 to cushion external shocks and support vulnerable sectors.
Al-Sharkas joined the central bank in 1991 and headed its research department before serving as deputy governor from 2012 to 2022.
Why it matters: The reappointment keeps the same leadership at the central bank for another 5 years, after a first term in which reserves rose 10.4 billion dollars on our calculation. On our reading, the larger foreign currency buffer gives the bank more room to respond to external shocks.
Outlook: The next monthly reserves figure will show whether the build continued into September.
Sources: Petra, Central Bank of Jordan.
