CBJ raises interest rate 25 basis points

CBJ raises interest rate by 25 basis points 

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, July 30. 

The CBJ’s open market operation expressed the bank's commitment to enhancing monetary stability in the Kingdom and maintaining previously acquired gains. The bank has thoroughly discussed the latest monetary and banking economic developments, as well as the expectations CBJ departments for the upcoming period, the Jordan News Agency, Petra, reported.

The committee affirmed its confidence in the national economy and its ability to continue improving performance, as the economy has achieved a 2.8 per cent growth rate, exceeding expectations. Further, the inflation rate was maintained at around 3 per cent during the first half of 2023.

Monetary and banking indicators have continued to return positive results this year, reflecting confidence in the macroeconomic environment, the strength of Jordan's banking system and the prudent control measures applied by the CBJ.

The committee also discussed reports on global economic developments and the pace of central banks' regional and global responses to expected inflationary pressures.

The committee reaffirmed the CBJ's commitment to taking the necessary measures and procedures to maintain monetary stability in the Kingdom, based on careful monitoring of domestic and international economic developments.