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The Central Bank of Jordan’s Open Market Operations Committee has decided to keep interest rates on its monetary policy tools unchanged at their current levels.
In its fifth meeting of the year, the committee reviewed recent economic and monetary trends within the Kingdom. The Central Bank’s foreign reserves remain robust at $18.9 billion, which is adequate to cover the country’s imports of goods and services for 8.2 months, based on the latest financial stability indicators for the end of 2023.
The banking sector continues to demonstrate strength, liquidity, and resilience. Inflation has stabilized at a manageable rate of 1.7% in the first half of the year, down from 3% in the same period of 2023.
The Gross Domestic Product (GDP) grew by 2% in the first quarter of the current year compared to the same period last year. However, tourism revenue experienced a decline of 4.9% in the first half of 2024, amounting to $3.3 billion.
Additionally, workers’ remittances increased by 3.7% over the first five months of 2024, totaling $1.5 billion.
The Central Bank of Jordan remains dedicated to closely monitoring local, regional, and global economic and monetary developments, including the actions of central banks both regionally and internationally, and their effects on the national economy.
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