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June 30 2022 7:17 PM ˚
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Inflation could reach 3.8% by end of year — CBJ

(File photo: Jordan News)
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AMMAN — The governor of the Central Bank of Jordan (CBJ), Adel Sharkas, has said that he expected that the inflation rate in the Kingdom will reach 3.8 percent at the end of this year, Al-Ghad News reported.اضافة اعلان

Sharkas confirmed in a statement to the Amman Chamber of Commerce on Tuesday that inflation rate in the Kingdom remains within reasonable limits, despite the global inflationary wave, indicating that the inflation rate in the Kingdom did not exceed 2.6 percent during the first three months of this year.

He said that maintaining monetary stability is the CBJ’s priority, noting that the deposits of the private sector, from individuals and companies, exceeded JD40 billion.

Sharkas said the CBJ has a high balance of foreign reserves, approximately $18 billion, and it is sufficient to cover the Kingdom’s imports of goods and services for a period of more than nine months, which is more than three times the internationally recognized standard.

He called on the Amman Chamber of Commerce to present a study, complete with perceptions and clear demands and supported by figures to explain the concerns of the commercial sector, adding that the central bank does not deal directly with individuals or companies.

For his part, Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq stressed that the CBJ is a safety valve for the national economy.

He outlined the reality of the local market and the challenges facing the commercial and service sectors represented by the lack of liquidity, the state of economic stagnation and the decline in purchasing power.

He called for raising the ceiling of financing granted to traders of basic materials to more than JD1 million, so that they can import additional quantities of goods, and to ensure that the local stock is not affected.

In turn, the members of the chamber’s board of directors stressed the necessity of postponing loan installments for some sectors that are still affected by the repercussions of the pandemic, with the aim of overcoming the financial challenges faced by merchants, in addition to providing liquidity to the commercial sector and financing windows with reduced interests.

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