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Jordanian economy making progress towards recovery — CBJ governor

By JT - Feb 18,2023 - Last updated at Feb 18,2023

Governor of the Central Bank of Jordan Adel Sharkas and participants pose for a group photo during the 2023 Jordanian Banking Summit on Saturday (Petra photo)

AMMAN — The Jordanian economy is making progress towards recovery, moving forward with economic reforms that have helped the country face local and regional challenges with high efficiency, and respond to the requirements of the moment with “great flexibility”, Governor of the Central Bank of Jordan (CBJ) Adel Sharkas said on Saturday.

Addressing the 2023 Jordanian Banking Summit, which was held by the Jordan Banks Association and brought together the Kingdom's banking leaders, Sharkas highlighted the strength of the Jordanian banking system and its ability to deal with various developments, as well as its increasing role in the national economy. 

The Kingdom’s banking system operates according to the highest levels of governance and sound management, leading to its effective performance in the country's economy, he added.

The summit's first session, which discussed "The Economic Prospects of the MENA Region," featured the attendance of the Resident Representative of the International Monetary Fund in Jordan, Kareem Ismail, according to the Jordan News Agency, Petra.

Jordan has a reasonable margin to borrow from international markets, with a high ability to access global financial markets and foreign financing sources at interest rates lower than many countries in the region, and for long periods, reflecting investor confidence in the stability of the Jordanian economy in the medium and long term, especially in light of Jordan’s clear vision for its economic path in the next decade, Ismail said.

The second session focused on the main trends affecting regional and global banking systems and the prospects of the Jordanian banking sector. The session also saw the participation of Christos Theofilou, vice president and Senior Analyst of the Financial Institutions Group at Moody’s Investors Service.

The third session featured a presentation from the executive director of the CBJ Research Department, Nidal Azzam, on the economic model, discussing the most important local and global economic and monetary indicators and their expected prospects in 2023 and 2024.

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