Senate Finance Committee briefed on monetary policy

Amman�� Central Bank of Jordan (CBJ) governor Ziyad Fariz on Tuesday updated the Senate Financial and Economic Committee on monetary policy as it continued debating the draft state budget and the budgets of government units.

Fariz noted the Central Bank’s key role in achieving monetary stability, drawing up monetary and banking policies, stimulating the national economy and addressing the imbalances affecting growth.

He told the panel that real growth in GDP for the current year amounted to 2.3%, inflation was at 3.3% and is projected to stay the same next year. He said exports had achieved a growth rate of 0.1%, while imports grew by 5.6%, tourism revenues shot by 12.8%, expatriate remittances edged up by 0.4% and credit facilities rose by 7.3%.

Fariz said foreign currency reserves stood at $12 billion, which covers the Kingdom’s exports for over seven months, assuring that the banking system is solid with high liquidity and adequate capital as it witnesses a “qualitative” leap in technology services and more sound and accurate measures.

Committee Chairman, Senator Rajaee Muasher, praised the Central Bank’s strategy to maintain monetary stability and a stable exchange rate, which directly affects the national economy and helps to create a suitable and attractive investment climate in the Kingdom.

Source: Jordan News Agency