The Dinar is very strong and foreign currency reserves are stable

Al-Anbat-Saba Al-Sukar 

Translated by : Adel Fareed 

Al-Tal: The goal of the new version is to keep pace with electronic and security modifications. Irsheed: The 100 dinars does not mean a decrease in the currency.

The opinions of citizens, experts, interested parties, and observers in most of the economic circles differed about the lack of clarity in the vision of the new monetary issuance announced by the Central Bank recently. A new category will be launched, which is the (100) Dinars, which will increase the fear of these groups over the fate of the Jordanian dinar.

In response to these fears and concerns that spread, the Central Bank clarified in a special statement that the categories of cash for the new issue (the fifth issue) will be the same as the categories of the current issue (fifty dinars, twenty dinars, ten dinars, five dinars, and one dinar), where the categories of the new issue will be traded (Fifth Edition) along with the categories of the current version (Fourth Edition).

In the same context, the economist Mazen Irsheid said that citizens’ opinions and fears were far from the truth of the Central Bank’s announcement, which he later clarified in a special statement, stressing that inflation rates are as high as they have risen globally and that the purchasing power of all currencies in the world is declining, except for strong currencies. On top of that is the US dollar, which is recording its best performance in more than 40 years.

He pointed out that doubt becomes when issuing a category larger than the current version with a value of (150-200) dinars, as the 100 dinars does not mean a decrease in the currency due to the existence of a category of 100 dollars, compared to that in Lebanon and the category of 1000 pounds, which no longer has a value. It is now possible to cross out three zeros from its column to become a pound, explaining that some countries that suffer from several problems in their currency are striking out zeros from their columns so that it remains easier to deal with them, and this confirms that the purchasing power of the dinar is still in place.

He pointed out that the Central Bank's statement is clear by adopting the same current categories, while the bank used to issue new banknotes every nearly 20 years, and because there are technical and security reasons to keep pace with the field of printing cash globally, explaining that there are no economic aspects related to the Jordanian dinar, whether its rise or fall.

For his part, Professor of Economics at the University of Jordan, Dr. Raad Al-Tal, stressed that the main objective of the new issue is to keep pace with technical, electronic, and security modifications and recent developments that accompanied changes in previous years in the field of printing banknotes globally, indicating that the issuance has no economic or monetary impact., and it will improve the security codes related to the Jordanian currency, explaining that it will coincide with the fourth issue when the central bank withdraws the fourth issue from the market.

He added that the Jordanian dinar is at the peak of its strength as what determines the strength of the currency, such as foreign currency reserves and gold reserves, which are fairly stable, and noted that the Central Bank's policy of raising the interest rate sequentially, exceeding the interest rate on US dollar deposits, is to maintain the attractiveness of the Jordanian dinar.

According to a statement, the Council of Ministers approved the system for issuing Jordanian banknotes for the year 2022 (the fifth issue), since nearly 20 years have passed since the fourth issue of banknotes. This is to keep pace with the technical development in the field of cash printing globally and to keep pace with the latest security marks in the field of currency printing, in addition to improving the quality of banknotes available for circulation and extending their life. It should be noted that the main component of the banknotes in the new version will be cotton, as is the case in the current version.