CBJ maintains interest rates amid positive economic indicators

AMMAN — The Open Market Operations Committee at the Central Bank of Jordan (CBJ) has decided to keep interest rates on monetary policy tools unchanged at their current levels. 

During its fifth meeting of the year, the committee discussed recent economic and monetary developments in the Kingdom.

The Central Bank’s foreign reserves have remained high at $18.9 billion, sufficient to cover the Kingdom’s imports of goods and services for 8.2 months, according to the latest financial stability indicators as of the end of 2023.

Banks continue to show strength, liquidity, and resilience. Inflation has stabilised at a manageable level of 1.7 per cent in the first half of the year, compared with 3 per cent in the same period of 2023, according to the bank.

The Gross Domestic Product (GDP) grew by 2 per cent in the first quarter of the current year compared with the same period last year. However, tourism revenue decreased by 4.9 per cent in the first half of 2024, reaching $3.3 billion.

Data also indicates a 3.7 per cent increase in workers' remittances over the first five months of 2024, totalling $1.5 billion.

The Central Bank of Jordan remains committed to closely monitoring local, regional, and global economic and monetary developments, including the actions of central banks both regionally and internationally, and their impacts on the national economy.