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    Jordan follows Fed in hiking key rate by quarter percentage point-

    March 18, 2022
    banking

    The benchmark interest rate was hiked to 2.75%

    AMMAN- The Central Bank of Jordan on Thursday raised its main interest rate by 25 basis points in lockstep with the U.S. Federal Reserve to rein in inflationary pressures, a bank official said.

    Jordan's currency is pegged to the dollar and the kingdom follows Fed moves almost unfailingly.

    The benchmark interest rate was hiked to 2.75% in a move to maintain the attractiveness of dinar-dominated assets, the bank official told Reuters.

    'The move is to contain expected inflationary pressures in light of rising global inflation,' a bank statement said.

    Authorities fear spiraling global inflation in a country that imports most of its basic commodities could further erode incomes of poor Jordanians who are already struggling with high unemployment.

    The International Monetary Fund expects Jordan’s economy to grow around 2.7 percent in 2022 but with average consumer price inflation seen rising to 2.5% from 1.6% last year.

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