CBJ maintains interest rates amid positive economic indicators

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 committee said in a statement that the decision came after the latest economic indicators which reflected the strength of the Jordanian banking system, the soundness of its performance, and the reinforcement of monetary stability, supported by a high level of foreign reserves at the Central Bank, which currently stand at $20.8 billion—sufficient to cover the Kingdom’s imports of goods and services for 8.1 months."

The inflation rate last year stood at 1.56 per cent, reflecting a stable monetary environment that supports overall economic stability, the statement said. Banking indicators continued their strong performance, with bank deposits increasing by JD3 billion over the past year, marking a significant growth of 6.8 per cent compared to 2023, bringing total bank deposits to JD46.7 billion.

Credit facilities granted by banks also saw an increase of JD1.4 billion, growing by 4.2 per cent, bringing the total credit facilities to JD34.8 billion, according to the statement carried by the Jordan News Agency, Petra.

"Despite the unstable conditions in the region, external sector indicators showed positive performance and notable resilience. Jordanians' remittances increased by 2.8 per cent last year, reaching $3.6 billion, while tourism revenue amounted to $7.2 billion, despite a 2.3 per cent decline compared to 2023."