The Open Market Operations Committee of the Central Bank of Jordan (CBJ) has decided to reduce interest rates on all monetary policy tools by 50 basis points, effective Sunday, September 22, 2024.

According to a statement from the Central Bank, this decision follows the end of a monetary tightening cycle that began in March 2022, aimed at maintaining monetary stability, particularly the attractiveness of the Jordanian dinar against other currencies, and curbing inflationary pressures during the post-pandemic recovery.

Data shows that the economy grew by 2 percent in the first quarter of this year. The bank estimates that growth for the full year of 2024 will average around 2.4 percent.

The data also revealed a 2.3 percent reduction in the trade deficit, driven by a larger decline in imports compared to total exports. National exports increased by 5.4 percent in the first half of 2024, but global price drops for many goods caused the overall export value to decrease by 1 percent, reaching USD 6.3 billion.

Remittances from Jordanians abroad rose by 3.6 percent in the first seven months of 2024, totaling USD 2.05 billion.

Tourism revenues reached nearly USD 5 billion in the first eight months of 2024, down 3.7 percent from the same period last year, according to the Central Bank.

The bank reaffirmed its commitment to monitoring local, regional, and global economic and financial developments, taking appropriate measures to maintain monetary and financial stability, and creating an economic and banking environment that fosters growth.