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CBJ raises interest rates by 25 basis points

CBJ raises interest rates by 25 basis points
By JT | 23:42 May 4, 2023 |
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AMMAN — The Central Bank of Jordan (CBJ) on Thursday increased the interest rate of its various monetary policy instruments by 25 basis points, effective this Sunday, the Jordan News Agency, Petra, reported.

The CBJ’s open market operations committee affirmed its confidence and satisfaction with national economic performance developments and the positive performance of all Jordanian monetary and banking indicators in 2022 and the period of available data for 2023.

To maintain monetary stability in the Kingdom, which is the CBJ’s main objective, the committee also discussed the latest global economic developments and the pace of central banks' actions to confront inflationary pressures.

Additionally, the committee decided to maintain interest rates on loans provided by banks within the CBJ's programme for refinancing vital economic sectors, valued at JD1.4 billion. The rates will remain unchanged at 1 per cent for the beneficiary projects based in Amman, and 0.5 per cent for projects located in other governorates.

The CBJ will continue to monitor local, regional and global economic developments, and will stand ready to act proactively to support monetary stability, Petra added.

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