Amman: Central Bank of Jordan (CBJ) Governor Adel Sharkas Saturday stressed the soundness of the Kingdom’s economic approach, pointing to remarkable achievements of the financial and banking sector.
In remarks at the 2024 Banking Summit, which was held by the Association of Banks in Jordan with the attendance of managers and executives of banks in the Kingdom, Sharkas referred to a strong infrastructure and regulatory framework that stimulates innovation and development in the banking sector, which are key factors and foundations for financial and monetary stability in the country.
He also noted “a model” partnership between the CBJ and the Association of Banks, stressing such partnership in supporting banking and economic growth.
Sharkas said Jordan managed to weather challenges faced by the global economy, including high inflation rates in the last two years, noting the monetary policies of the CBJ and the banks’ adherence to international standards and professional and banking conduct controls.
He also
cited economic reforms in the Kingdom. which helped to bolster financial stability and led to the country’s entry into a new economic reform program for 2024, stressing the importance of the reforms in enhancing Jordan’s ability to withstand global crises, such as the war on Gaza and its economic repercussions.
The Central Bank head stressed its vital role in maintaining monetary stability, pointing to its efforts in risk management and application of international standards, and commending the positive evaluations of Jordan by international rating agencies, which reflected confidence in the Jordanian economy and its ability to recover and grow.
He predicted that global interest rates will decline in the second quarter of this year if global inflation rates continue to drop.
Sharkas outlined key economic reforms which were implemented and helped to boost economic stability in the face of global challenges, such as high inflation rates and changes to global monetary policy.
He also addressed geopolitical a
nd economic challenges posed to Jordan, including the economic impact of the war in Gaza and developments related to shipping in the Red Sea.
President of the Association of Banks in Jordan Bassem Al-Salem applauded the “pivotal” role of the CBJ in developing the Jordanian banking sector despite challenges to the global and regional economy, noting the positive results the national economy had achieved in terms of growth rates, improvements in the balance of payments and stable inflation figures.
Source: Jordan News Agency
