Ukraine crisis, interest rates will affect Jordan’s economy — Kabariti

Chairman of the Jordan Chamber of Commerce (JCC) Nael Kabariti. (Photo: Jordan News)
AMMAN — Chairman of the Jordan Chamber of Commerce (JCC) Nael Kabariti called for a plan to address current world events; including developments in Ukraine, according to Jo24. اضافة اعلان

Kabariti said that around 90 percent of Jordan’s cereal imports come from Russia and Ukraine, which is bound to affect the market.

He also said that a rise in interest rates by the US Central Bank (the Federal Reserve) due to spiking inflation will lead to a similar rise in Jordan since the Jordanian dinar is pegged to the dollar.

China announced that around 25 percent of its factories are on the verge of shutting down due the repercussions of the COVID-19 pandemic, which will also impact Jordan’s economic market, Kabariti said.

Kabariti stressed the importance of having in place a comprehensive economic vision to overcome the crises, stating that His Majesty King Abdullah has set a roadmap to be implemented after realizing that previous governments were not serious about implementing the plans that they had announced.

Kabariti called for monitoring world events and developments to draw out plans that safeguard the economy, indicating that oil prices have started to fluctuate due to these events, which means the whole world will also be impacted by any development.

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