Day: February 7, 2023

Governor of the Central Bank of Jordan (CBJ) Adel Sharkas has said that a fixed dinar/dollar exchange rate, in place since 1995, is the best and most appropriate policy for the Jordanian economy, and is a cornerstone for macroeconomic stability and sound monetary and banking management.

Sharkas also emphasized the importance of the current exchange rate policy in boosting the competitiveness of national exports and fostering an investment-friendly climate. The CBJ governor made the remarks during a meeting with the members of the Jordan and Amman commerce chambers as well as representatives of the Jordanian Businessmen Association.

Sharkas explained that the recent decisions by the Central Bank to increase the benchmark interest rate on monetary policy instruments were made to keep inflation under control and to maintain the allure of the dinar as a competitive saving vehicle, thereby cementing the country’s monetary stability. He noted that current global forecasts consistently predict interest rates will fall in 2024.

The governor of the Central Bank also stated that changes in interest rates should not be reflected immediately on loans, but should take three to six months, depending on the pricing cycle specified in the contract between the borrower and the lender.

Here, he mentioned that the central bank had increased the benchmark interest rate by 450 basis points since March 2022, while lending rates at banks had increased by no more than 119 basis points.

Sharkas emphasized the Central Bank’s “comfortable” foreign reserve balance of JD17.2 billion, which is enough to pay for the Kingdom’s imports of goods and services for about 7.5 months. Following the interest rate hike, the CBJ governor added, dinar-denominated deposits with local banks grew by 7 percent to a total of JD42.1 billion while credit facilities picked up by 8.5 percent to JD32.6 billion.

Khalil Haj Tawfiq, president of the Jordan Chamber of Commerce, asserted that the rise in interest rates increased the cost of borrowing for citizens and business owners, and he urged the Central Bank to ask commercial banks to delay loan payments for individual and business borrowers before Ramadan.

Haj Tawfiq urged the CBJ to maintain its funding for programs that assist importers of essential goods and to maintain its commitment to small and medium-sized businesses.

Source: Jordan News Agency

His Majesty King Abdullah, accompanied by His Royal Highness Crown Prince Al Hussein bin Abdullah II, visited the tomb of His Majesty the late King Hussein on Tuesday, on the 24th anniversary of his passing.

King Abdullah and Crown Prince Al Hussein laid a wreath at the tomb and recited verses from the Holy Quran.

Several Royal family members, and senior officials and officers also visited the tomb.

Source: Jordan News Agency

His Majesty King Abdullah on Tuesday was briefed on the government’s programme to implement the Economic Modernisation Vision in the water, irrigation, and environment sectors.

At a meeting held at Al Husseiniya Palace and attended by His Royal Highness Crown Prince Al Hussein bin Abdullah II, King Abdullah stressed the importance of focusing on strategic projects, such as the national water conveyor to counter water and environment challenges related to climate change.

His Majesty urged enhancing the efficiency of administering water resources and reducing the loss of water, while effectively countering violations against the water network.

The King also called for expediting recycling projects and combating littering, especially at tourist attractions, noting the importance of cooperation among ministries whose portfolios intersect to ensure synergy in performance.

Prime Minister Bisher Khasawneh gave a briefing on the priorities of the water and environment ministries within the economic vision, highlighting the overall framework of the government’s programme to implement the vision and follow up on progress.

Water Minister Mohammad Najjar said the ministry’s priorities for the coming few months include implementing the national water conveyor, removing violations against the water network, reducing water loss by 2 per cent annually, and updating water infrastructure.

Environment Minister Muawieh Radaideh said the ministry will work to improve Jordan’s ranking on environmental indices, support green projects at industrial establishments, focus on recycling and administering waste disposal, enhance green infrastructure, continue Juthoor afforestation project, and improve water efficiency in the agricultural sector.

Source: Jordan News Agency

The Foreign Ministry assigned hotlines for the Kingdom’s embassies in Ankara and Damascus to facilitate communication between Jordanian citizens and the embassies following the earthquake that struck Turkiye and Syria.

The numbers are as follows:

Jordanian Embassy in Ankara:

Ahmed Al-Saoub 00905012575198

Mahitab 00905417899641

Embassy / Damascus

Anwar Al-Beddawi 00963985425006

Raed Shawabkeh 00963981501103

Essam Abu Rasaa 00963934780078

Hotline / Embassy Damascus

00963954455455

Ibrahim Shardo 00963988530797

Source: Jordan News Agency

Lower House Speaker Ahmed Safadi and Prime Minister Bisher Khasawneh agreed to hold a monthly consultative meeting between the house and the government within the framework of cooperation between the authorities as per directions of His Majesty King Abdullah upon the inauguration of the second ordinary session of the 19th Parliament.

In a meeting held Tuesday at the Lower House and attended by a number of heads of parliamentary committees and ministers, Khasawneh and Safadi called for the continuity of cooperation between legislative and executive authorities in order to achieve national goals.

They said that responsibilities entrusted to the two authorities require full cooperation in order achieve to the higher national interest, and therefore coordination and consultation will be at its highest level between parliamentary committees and competent ministers.

The meeting dealt with a number of issues, during which heads of parliamentary committees and ministers exchanged appropriate solutions and proposals in this regard.

Source: Jordan News Agency