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Jordan’s Reserves, Remittances Drop on Unrest, Al Arab Says

Jan. 22 (Bloomberg) -- Jordan’s foreign currency reserves and remittances from expatriates declined last year due to regional unrest, Al Arab Al Yawm reported.

Foreign currency reserves declined 12.3 percent to $10.7 billion in 2011 from $12.2 billion the previous year, the newspaper reported, citing official figures.

Remittances dropped 5.2 percent to 2.402 billion dinars ($3.4 billion) in 2011 from 2.585 billion dinars. The remittances, mostly from workers residing in Gulf states, support the kingdom’s economy, particularly the real estate industry, it said.

To contact the reporter on this story: Mohammad Tayseer in Dubai at mtayseer@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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