CBJ lowers interest rates by 50 basis points

AMMAN — The Central Bank of Jordan (CBJ) has decided to lower interest rates on all monetary policy instruments by 50 basis points as of Thursday.

The bank said that it maintained the interest rate as-is for entrepreneurs borrowing under its soft-financing programme in a bid to provide finances for production activities with soft terms, the Jordan News Agency, Petra, reported.

The current interest rate under the programme is 1.75 per cent for projects in Amman and 1 per cent for those in governorates.

The CBJ has financed some 1,207 projects with a total value of JD819 million under the soft-financing programme, which has contributed to providing some 11,700 jobs nationwide.

The CBJ said that it would continue to follow up closely on local and international economic developments and take proper procedures that guarantee enhanced monetary and financial stability in the Kingdom. The CBJ lowered the interest rate in 2019 three times, Petra reported.