Central bank raises interest rates by 25 basis points

The Central Bank of Jordan (CBJ) decided on Thursday to raise the interest rates on all various monetary policy instruments by 25 basis points, effective Sunday, March 25, a CBJ statement said.

This decision comes in light of regional and global economic and monetary developments, and is designed to maintain monetary and financial stability in the Kingdom and to promote the competitiveness of the Jordanian dinar denominated-assets against other currencies by maintaining the structure of local interest rates within levels consistent with global and regional interest rates, the statement said.

It added that the decision was meant to contain any potential future inflationary pressures. The CBJ also decided to keep the concessional financing rates unchanged at 1.75 percent for projects located in Amman and 1 percent for projects in other governorates.

Source: Jordan News Agency