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Jordan's CB raises overnight rate to 4%  Join our daily free Newsletter

MENAFN - 03/12/2012

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(MENAFN) The Central Bank of Jordan (CBJ) lifted up its overnight rate on dinar deposits to 4 percent, reported Arabian Business.

The move to raise the rate by 75 basis points was taken to strengthen the currency amid regional uncertainty and civil unrest in the country.

The Kingdom is going through a period of sluggish economic growth, and deteriorating investor sentiment, following November's unrest that resulted from the lifting of fuel subsidies.

However, the bank said that it maintained other key rates unchanged, with the discount rate remaining at 5 percent and the one-day repo rate at 4.75 percent.

It is worth noting that since the start of 2012, the central bank has raised the deposit rate three times, part of its efforts to encourage savings in dinar-denominated assets.

 






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