Jordan central bank slashes rates
Amman, March 13, 2009
The Central Bank of Jordan (CBJ) has lowered its benchmark discount rate by 0.5 percentage points and reduced the rate of the compulsory cash reserves on banks deposits to help boost liquidity and stimulate lending.
The CBJ said on Thursday it has lowered the rate at which it lends money to banks to 5.75 per cent, noting that the move was prompted by a decline in inflation this year.
It dropped the cash reserve requirement to 8 per cent from 9 per cent. The discount rate cut was the second by in the last four months.
The CBJ also urged domestic and foreign banks operating in the kingdom to ease 'unjustified' restrictions on loans.
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