Jordan c.bank to cut interest rate
Amman, December 18, 2009
Jordan's Central Bank said it will cut its benchmark interest rates on Sunday by 50 basis points as inflation ebbs and amid efforts to get banks to extend cheaper credit.
The Central Bank of Jordan (CBJ) will cut its discount rate to 4.75 per cent and repo rate to 4.5 per cent as of next Sunday. Overnight rates on the dinar, which banks receive on excess liquidity, were cut to 2.50 percent.
The move is the fourth reduction of key rates since November 25 2008 to spur growth as the impact of the financial crisis deepens.-Reuters
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