In the realm of public policies and macroeconomics, monetary institutions emerge as pillars of stability that do not sway with the political fluctuations. In the Jordanian case, the Central Bank of Jordan serves as one of the most mature models of the technocratic institution, which operates its roles with silent professionalism, surpassing the noise of media disputes. Often, the knowledge gap between the technical complexity of banking work and its best practices, and the emotive political narrative, leads to misunderstandings of professional practices, which became evident in some of the files managed by the Central Bank.
At the beginning of 2025, the bank faced accusations of dissipating national assets by selling gold. However, a thorough analysis of audited financial data and investment policies reveals that what occurred was not dissipation but an advanced lesson in managing sovereign portfolios, utilizing arbitrage tools to maximize the value of national reserves at a time when gold prices reached a historic peak.
Managing gold reserves in central banks is a dynamic process governed by stringent standards aimed at balancing liquidity, security, and yield. In early 2025, with global gold prices reaching unprecedented levels exceeding $4000 per ounce, the Jordanian Central Bank took its role as a professional manager of the national investment portfolio, as the accusations leveled at the bank for selling amounts of gold valued in billions of dinars lacked an understanding of the differences between final sale and arbitrage operations aimed at restructuring assets.
Subsequent financial data confirm this fact, as the gold reserve at the Central Bank did not decrease but rather recorded a significant increase, where the value of the reserves amounted to approximately 6.576 billion dinars at the end of October 2025, compared to 4.257 billion dinars at the end of 2024. This increase, exceeding 54%, reflects the bank's success in purchasing additional amounts at preferential prices after partially selling at price peaks. From a statistical perspective, the quantity of gold rose from 2.304 million ounces to 2.335 million ounces during the same period. This approach aligns with global trends of central banks which began reevaluating the role of gold as a safe haven amidst currency fluctuations and escalating geopolitical risks in 2024 and 2025.
In another file, the issue of inflation stands out as a core responsibility of central banks. The world has experienced inflationary waves affecting major economies in recent years, yet the Jordanian Central Bank, through its stringent monetary policy—which was not exempt from criticisms at the time—succeeded in maintaining monetary stability, which includes price stability at model levels, thereby providing real protection for national incomes and savings, supported by many measures taken by the government to contain inflationary pressures. This success is evident in reducing the inflation rate from 4.2% in 2022 to about 2.1% in 2023, then to 1.56% in 2024, and 1.8% during the first eleven months of the current year. These stable levels reflect not only on the living aspects of consumers but are also essential for attracting direct foreign investments, which recorded net inflows amounting to 744.4 million dinars in the first half of 2025.
Any discussion of successfully managing monetary and banking files, such as managing gold reserves and directing monetary policy and controlling inflation, cannot be isolated from its impact on the external image of the Jordanian economy. Ultimately, these policies are not tested through domestic discourse but in the assessment of international institutions, including global credit rating agencies, the mirror through which the world sees the efficiency of a country's economic management. In 2024, Jordan achieved an unprecedented feat by improving its credit rating by major global agencies, with S&P upgrading Jordan's rating to BB- with a stable outlook, marking the first upgrade by this agency in 21 years. The agency attributed this decision to high economic flexibility, the government's success in implementing structural reforms, and the crucial role played by the Central Bank in maintaining monetary stability, along with the robustness of the Jordanian banking system. Similarly, Moody’s upgraded Jordan’s rating to Ba3, praising the efficiency of fiscal and monetary policies and the kingdom’s ability to absorb external shocks. Jordan maintained this achievement in 2025, a period when the region experienced deepening geopolitical disturbances due to the ongoing war in Gaza alongside the outbreak of war in Iran.
These credit upgrades are not just ceremonial numbers but are economic pardons that reduce the cost of external financing and increase the competitiveness of Jordanian bonds in international markets, evidenced by the successful issuance of Eurobonds by the government in October 2025 at a value of $700 million, achieving interest rates 175 basis points lower compared to the 2023 issue. They also reflect the confidence of international institutions in the Central Bank of Jordan's capability to defend the dinar, as foreign reserves reached record levels, amounting to 24.59 billion dollars in November 2025, sufficient to cover the kingdom’s imports for over 8.8 months, surpassing internationally recognized standards.
In conclusion, banking and technical decisions are made with wisdom, based on economic and banking data and analyses, which should not be simplified nor evaluated through the emotive political rhetoric that often overlooks the technical complexity of banking work and distorts the image of professional practices. The undeniable numbers clearly speak: the gold is increasing, inflation is under control, and the credit rating is rising. The professional path of the bank remains the only way towards a financially secure and economically prosperous Jordan.
Disclaimer: The author of the article is an independent expert, holder of no official position, and is not associated with any consultancy contract with the Jordanian Central Bank
