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    Interest rate hikes geared to maintain monetary stability, contain inflation, says CBJ governor

    June 29, 2022
    banking

    Amman, June 28 (Petra) -- Central Bank Governor Adel Sharkas has defended the bank's recent decision to raise benchmark interest rates, asserting that the move aimed to preserve monetary stability and restrain inflationary pressures.

    In remarks during a panel discussion on Tuesday hosted by the Jordan Strategy Forum and titled, 'Monetary Policy in Jordan in Light of the Current International Developments', Sharkas anticipated the inflation rate to be in the range of 3.8 percent for the entirety of 2022.


    He emphasized that the rise in global prices, specifically the price of oil and basic foods, is the main culprit behind the rise in the overall inflation rate and that inflation brought on by internal factors is not anticipated to rise above 2 percent until the end of the year.


    Sharkas emphasized the Central Bank's full commitment to maintaining the dinar's fixed exchange rate against the dollar, noting that this policy has served and continues to serve the national economy well.



    He said that the Central Bank and government's efforts to get the economy back on track had paid off, citing a 'beyond-expectations' boost in tourism income to JD1.2 billion in the first five months of 2022, with a growth rate of 269.6 percent.

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