The Central Bank of Jordan (CBJ) has lowered the interest rate on all monetary policy instruments by 25 basis points, according to the Jordan News Agency.

The central bank stated that the move is meant to enhance the credit facilities granted to economic sectors as well as stimulate local spending.

Additionally, the decision was also made in light of a low inflation rate and an outlook predicting the same along with the CBJ’s relatively high level of foreign currency reserve.

CBJ said that it would continue to follow up closely on local and international economic developments and take proper procedures that guarantee enhanced monetary and financial stability in the Kingdom.

Regionally, the Central Bank of the UAE and the Saudi Arabia Monetary Authority, the central banks of the two biggest Gulf Arab economies, also reduced interest rates by a quarter percentage point after the US Federal Reserve policymakers lowered their main interest rate for a second time this year.

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