INTERNATIONAL - The Central Bank of Jordan decided Thursday to cut the interest rates on all monetary policy instruments by 25 basis points, effective from Sunday, Aug. 4.
The decision comes in response to the recent developments of the interest rates in regional and global markets, and aims to boost the growth of credit granted to various economic sectors and stimulate domestic spending, both consumption and investment, the central bank said in a statement.
The central bank's decision comes one day after the US Federal Reserve cut the lending interest rate by 25 basis points for the first time since 2008.
The central bank of Jordan said the decision was prompted by factors such as the decrease in the inflation level, improvement in the balance of payment and the decrease of the current account deficit.
The central bank said it will continue to monitor local, regional and global economic developments and stand ready to act proactively to support monetary and financial stability.