Central Bank of Jordan maintains interest rates unchanged

AMMAN — The Open Market Operations Committee of the Central Bank of Jordan (CBJ) on Thursday decided to keep interest rates on monetary policy instruments unchanged.

The bank affirmed its "full" commitment to closely following up on developments related to the national economy's performance, especially monetary and banking indicators, the Jordan News Agency, Petra, reported.

The CBJ said that this move coincides with close follow-up of global economic developments, financial and commodity market performance, and regional and global central bank monetary policy plans to counter inflation-related pressures. 

The committee stressed its confidence in the national economy's performance as shown by the latest available economic data, citing that the CBJ's foreign reserves have reached $17.5 billion, which is sufficient to cover the Kingdom's imports of goods and services for 7.7 months.

The committee also referred to the increase in bank deposits (year-on-year) by JD1.6 billion in July 2023, with a growth of 4 per cent to JD42.8 billion. 

The credit facilities granted by banks (year-on-year) also increased by JD1.5 billion, with a growth rate of 4.7 per cent to JD33.4 billion. 

The bank also affirmed its readiness to take all necessary measures to maintain the Kingdom's monetary stability and the safety and resilience of Jordan's banking system.