Amman: The Open Market Operations Committee at the Central Bank of Jordan decided to maintain the interest rates of monetary policy instruments at their current level without change.
During a meeting on Thursday, the committee affirmed the Central Bank’s ongoing monitoring of developments related to the national economy’s performance, global economic trends, and the policies of central banks. This monitoring is particularly crucial amid global inflationary pressures on one hand and regional geopolitical uncertainties on the other.
The committee expressed confidence in the stability of the national economic landscape, anticipating its ability to sustain the positive momentum demonstrated throughout 2023.
Notably, the latest economic indicators reveal that the Central Bank’s foreign reserves have reached $18.2 billion, sufficient to cover the Kingdom’s imports of goods and services for 7.9 months. Additionally, deposits in banks increased by JD1.6 billion during 2023, marking a 3.9% growth to reach JD43.7 bi
llion. This growth was supported by a JD1 billion increase in credit facilities in dinars granted by banks, reflecting a 3.5% rise.
The recent indicators of financial stability underscore the robustness and resilience of the Jordanian banking system. Notably, the substantial growth in tourism income, surpassing expectations in the first three quarters of 2023, led to a 27.4% increase, reaching a historical peak of JD5.2 billion for the year. Moreover, remittances from Jordanians working abroad saw a 1.4% increase, reaching JD2.5 billion during 2023.
Balanced economic policies, especially monetary policy, played a pivotal role in containing inflationary pressures, with the inflation rate hitting 2.1% in 2023, half of the level recorded in 2022. Central Bank estimates suggest the national economy’s capacity to achieve a growth rate of 2.6% for 2023, marking a 0.2 percentage point increase from the previous year’s level.
Source: Jordan News Agency