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Mar 12, 2009, 10:56 GMT

Jordan central bank cuts key interest rates by one-half point

Amman - The Central Bank of Jordan on Thursday cut key interest rates by a half percentage point to prop up shrinking liquidity in the market, saying the decision was prompted by decreasing inflation. A CBJ statement said the bank had slashed the basic lending rate to 5.75 per cent from 6.25 per cent and the repurchase rate (repo) to 5.50 per cent from 6.00 per cent. The CBJ also decided to reduce the compulsory cash reserves on banks' deposits denominated in both local and foreign currencies to 8 per cent from 9 per cent as of the end of May. It was the second time the CBJ trimmed basic interest rates since the advent of the global financial crisis in September last year. The CBJ governor Umayya Touqan also urged bank executives 'not to impose unjustified restrictions on credit facilities,' underlining the responsibility of banks at this stage to finance various economic sectors, while heading the central bank's precautionary instructions. Economists complaint recently that the credit squeeze prompted by the CBJ's restrictive monetary policies was hurting various economic activities in the country.

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