Jordan cbank slashes interest rates

21 Feb 2010

(MENAFN) The Central Bank of Jordan announced slashing its benchmark interest rates by 0.5 percentage point, citing sluggish economic growth in the country, Petra news agency reported.

The bank’s open market operations committee, headed by Governor Umayya Toukan, lowered the rediscount, repurchase agreement and overnight window rates by half-a-percentage point.

Jordan’s rediscount rate was cut 4.25 percent, the repo rate to 4 percent and the overnight window rate to 2 percent, taking immediate effect.
The bank plans to continue adapting monetary and credit policies in order to promote and facilitate demand as well as enable the national economy to grow after slowing down in 2009.

According to the International Monetary Fund (IMF), Jordan’s economy grew 3 percent in 2009 and is forecast to grow 4 percent this year.

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