Jordan: Central Bank of Jordan maintains interest rates unchanged
The CBJ said in a statement that the decision was a result of the bank's commitment to closely monitor the national economy's developments, particularly monetary and banking indicators.
It also said that the decision aligns with a comprehensive review of the international and regional economic dynamics.
Citing the latest economic indicators, the bank said that Jordan's economy has shown notable resilience and flexibility in the face of persistent geopolitical tensions in the region, with the country's GDP growing by 2.7 per cent in the first quarter of 2025, marking an increase of 0.5 percentage points compared to the same period last year.
The CBJ projects the economy will maintain this growth rate throughout the year, buoyed by strengthening domestic and external demand.
Economic indicators confirm the strength of monetary stability in the Kingdom, the bank said, adding that its currency reserves surpassed $22 billion at the end of June, sufficient to cover 8.4 months of the country's imports of goods and services.
Inflation has remained steady, averaging 2 per cent during the first half of the year, with full-year projections hovering around 2.2 per cent, CBJ said. 'This price stability supports consumer purchasing power and bolsters the competitiveness of the national economy.'
The CBJ said that the banking sector continues to post strong figures. Customer deposits at local banks rose by 7.1 per cent year-on-year, reaching JD48.2 billion by the end of June. Credit facilities extended by banks grew by 3.9 per cent to JD35.5 billion over the same period.
Financial soundness indicators reflect a robust banking system, with the capital adequacy ratio standing at 18.0 per cent, 'among the highest in the region,' the bank said, adding that the legal liquidity ratio reached 144.7 per cent, well above the CBJ's required minimum of 100 per cent.
The CBJ said that the external sector also reported positive performance, with tourism revenues increasing by 11.9 per cent in the first half of the year to reach $3.7 billion compared to the same period in 2024.
Total exports saw a significant rise of 8.6 per cent during the first five months of 2025, totalling $5.6 billion, the CBJ said.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
13 minutes ago
- Zawya
Tunis and Rome: A partnership of opportunity in trade, energy and skills
Tunis - A few days after the visit of the Italian Prime Minister, Giorgia Meloni, to Tunisia, statements were issued regarding economic cooperation between the two countries for the first five months of the current year. These statements highlighted the existence of trade cooperation that benefits Tunisia. However, observers believe that, alongside this cooperation, both countries possessed negotiating power that enabled the discussion of many important issues, foremost among them irregular migration and the utilisation of energy surpluses. Not far from these relations heading toward development, through exchanges of visits at the highest levels, circles of finance and business, such as the Confederation of Tunisian Citizen Enterprises CONECT, believe that there is an opportunity to plan in order to benefit from the climate of understanding with the Italian side to push forward the wheel of investment, whether by attracting joint investments or exploring new prospects for multilateral cooperation. Trade and investment: fuel for traditional cooperation Trade between Tunisia and Italy in 2025 witnessed a notable improvement, with total exchanges reaching 10,452.3 million dinars. Tunisia's exports to Italy during the first half of this year amounted to 5,575.6 million dinars compared to imports of 4,876.8 million dinars. These figures made, according to Anis Basti, head of the Export Promotion Centre office in Milan (Italy), the Tunisian Italian trade balance positive in favour of Tunisia, as the coverage rate of exports over imports during the first five months of this year reached 115%. However, Tunisia's imports from Italy are not final or luxury products but essential raw materials, particularly for the industrial and agricultural sectors. These include petroleum products, fabrics, leather, and agricultural machinery, according to the representative of the Export House in Milan. Tunisia supplies the Italian market with mechanical and electrical industries (electric car cables, medical devices, electricity meters, and electrical equipment), accounting for 36.5%. Tunisian textiles reach the Italian market at a rate of 21.22%, in addition to a list of other diverse industries such as plastic products, hydrocarbons, medical machines, inorganic chemicals, glass and its products, furniture, and ceramics—at a rate of 19.1%. Italy, the land of fashion, continues to import leather and footwear from Tunisia at a rate of 11.3%, as well as food industries. Despite ranking among the top producers of olive oil, Italy imports significant quantities of olive oil, fish, shellfish, dates, dried tomatoes, and fresh vegetables from Tunisia at a rate of 11.7%. These important figures prompt the Export Promotion Centre in Milan to make greater efforts to develop trade exchanges between Tunisia and Italy and strengthen the presence of various Tunisian products in this market, according to Basti. The representatives work on identifying export opportunities available for Tunisian exporters and providing support, guidance, and proper coaching for exporting companies. This is done by supplying market-specific information about the Italian market, the materials it imports, organizing exploratory visits, participating in specialised exhibitions and trade fairs, and conducting evaluations and follow-ups based on market changes to keep economic actors informed and adaptable. According to Basti, the Italian authorities attach great importance to Tunisia at all levels, especially economically, by strengthening the economic partnership with Tunisia in particular and African countries in general, especially in the fields of energy, startups, artificial intelligence, and agriculture. Tunisian-Italian relations have developed into a strategic partnership, especially after the COVID-19 pandemic and the Russia–Ukraine war, as Italy has started focusing more on Euro-Mediterranean partners rather than Asian ones. Basti sees the partnership between Tunisia and Italy as part of a sustainable cooperation dynamic that has been established over decades to support social and economic development in Tunisia. The private sector: All roads lead to Rome The Confederation of Tunisian Citizen Enterprises, CONECT, which represents a wide range of investors and businesspeople in Tunisia, considers, through its member Bilal Ben Hamida, that Italy remains a strategic partner for Tunisia. Businessmen affiliated with the confederation give great importance to the Italian market, both in terms of ongoing cooperation based on goods exchange and investment involving funding joint or multilateral projects, according to the CONECT representative. In its efforts to focus on the Italian market, CONECT is organising a mission of business owners to Italy to participate in the international fair in Rimini next October. As part of the Tunisia–Italy cooperation agenda, CONECT International is also planning to organise an investment forum in Tunisia in partnership with the Italian employers' organisation. The CONECT representative emphasised the importance of the Italian governmental visits to Tunisia, which reflect Italy's interest, noting that Italy is Tunisia's main supplier and second-largest exporter. The volume of bilateral trade between the two countries amounts to about €7.1 billion, according to data from the Italian Embassy in Tunis. Italy is also the second-largest foreign investor in Tunisia, with its investments accounting for 16% of foreign capital in the local market. Tunisia hosts around 1,000 Italian companies operating in various sectors, employing around 83,000 people. The national business environment and investment opportunities available for Italian investors have contributed to reinforcing this cooperation amid Tunisia's growing interest in attracting more Italian investment. Vocational training: A legal transit visa In an effort to curb irregular migration, the United Nations Industrial Development Organisation (UNIDO) and the Italian Agency for Development Cooperation signed, on June 21, 2025, a financing agreement worth €6.5 million to launch the 'Professional Tunisia – Promoting Employment in Tunisia through Dynamic Vocational Training' project. The project aims to strengthen youth employability in Tunisia, a recurring topic in negotiations between Tunisian and Italian officials, in an attempt to regulate labour migration legally and establish an effective approach to skilled migration. Funded entirely by the Italian government and running over three years, the project seeks to enhance the employability of Tunisian youth by modernising and revitalising the national vocational training system. It will focus on improving the quality of vocational training, making it more accessible and aligned with labour market demands, especially for youth and women. The project will also support the modernisation of training centres, introduce innovative pedagogical methods, and strengthen public-private partnerships. According to the Italian ambassador to Tunisia, the project reflects his government's commitment to supporting the vocational training sector in partnership with Tunisian authorities. He noted that this new initiative with UNIDO aligns with the "Mattei Plan for Africa," Tunisia Vision 2035, and national strategies in employment, youth socioeconomic inclusion, and economic development. It will open real and sustainable prospects for Tunisian youth, help form a qualified workforce, and expand opportunities for decent employment. ELMED: A regional project to harness energy surpluses Experts expect the Tunisia–Italy electricity interconnection project, ELMED, scheduled to enter into operation in 2028, to strengthen the stability of electricity supply in Tunisia. This will be achieved through energy transfer between Tunisia and Italy via a high-voltage 400-kilovolt submarine cable with a capacity of 600 megawatts and a length of 200 km, offering Tunisia a major opportunity to export renewable energy to Italy and Europe. It appears that the submarine cable for the ELMED electricity interconnection project between Tunisia and Italy was laid in July. Plans to draw loans are scheduled by the end of 2026 depending on the project's progress, according to data presented by the CEO of STEG, Faysal Tarifa, and his delegation during a hearing before the Finance and Budget Committee of the Assembly of People's Representatives at the end of June 2025. However, the project faces several challenges, including a lack of expertise, which necessitated recourse to foreign consultancy firms and caused some initial delays, in addition to land ownership issues. The officials noted that the project would contribute to developing electricity exchanges across the Mediterranean via a bidirectional 600 MW interconnection. It would also strengthen the stability of the Tunisian electrical system and complement the grid interconnection with Algeria, helping to cope with peak summer demand. ELMED will enhance energy cooperation across the Mediterranean, initiated in 1977 with the TRANSMED natural gas pipeline stretching 2,475 km from Algeria to Italy via Tunisia (370 km). According to the Italian electricity transmission company TERNA, the ELMED project will allow Italy to meet its electricity needs, which reached 31.3 billion kWh by the end of July 2024, a 4.5% increase compared to July 2023. This first direct electrical link between Europe and Africa, undertaken by STEG and its Italian counterpart TERNA, will secure electricity supply by reducing demand during summer peaks amid global warming and climate change, according to the National Chamber of Photovoltaic Energy under the Tunisian Union of Industry, Trade, and Handicrafts. The ELMED project will also offer Tunisia the opportunity to export green energy to Europe. Experts, during a parallel event at the Rimini international exhibition, stressed the need to develop renewable energy on a large scale, modernise electric grids, and invest in storage solutions to ensure the world's access to reliable, secure, and affordable electricity. Tunisian and Italian stakeholders believe that laying the 600 MW high-voltage direct current submarine cable from the "Partanna" station in Sicily to the "El-Melaab" station in the industrial zone of Menzel Temime (Cap Bon), as part of the ELMED project, will boost the integration of European energy systems in North Africa, promote efficient energy use, and increase the operational flexibility of electric systems. Tunisian–Italian cooperation also includes major projects such as the 'Taranto Innovation Zone,' which aims to achieve energy sustainability between the two countries by launching a platform to foster innovation and interaction between universities, research centres, businesses, and startups. It will serve as a think tank to generate, develop, and test new ideas in the energy field. It will also contribute to developing innovative projects aligned with new technological trends in energy and strengthening a culture of innovation, in addition to making Italian expertise in submarine electricity transmission available to STEG technicians and engineers. Major projects also include 'TANIT,' which aims to modernise Tunisia's agricultural sector, improve water resource management, and boost innovation in the agri-food sector. These major projects, falling within Tunisian–Italian cooperation, represent a significant step in bilateral collaboration, reinforcing Italy's role as a strategic partner for Tunisia on its path toward a resilient and sustainable economy. © Tap 2025 Provided by SyndiGate Media Inc. (
Zawya
13 minutes ago
- Zawya
Kuwait environmental sustainability constitutes developmental strategic pillar, effective partnerships
KUWAIT - Kuwait is prioritizing environmental concerns as a pivotal and strategic pillar within its national plans and future programs. Over the past two years, the government has intensified its efforts to adopt strategies for environmental sustainability, guided by the directives of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. The Cabinet has played a key role in advancing the national vision for environmental sustainability, regularly placing the long-term low-carbon development roadmap at the forefront of its agenda. In this context, Oil Minister Tareq Al-Roumi and officials from the Environment Public Authority (EPA) presented a visual outline of the roadmap in July. This plan aims to enhance resilience against climate change by employing integrated, innovative, and technical solutions within a circular carbon economy, and it also includes supportive initiatives for environmental innovation and green investment across multiple sectors. Kuwait has strengthened coordination with China to activate memoranda of understanding (MoU) in key areas, such as low-carbon green systems for waste recycling, electrical infrastructure, renewable energy, and the environmental development of sewage treatment facilities. These agreements serve as key components in translating the country's ambitious goals into tangible steps toward a sustainable future aligned with Kuwait Vision 2035. A central aim is to preserve the environment for future generations. In parallel, Kuwait's 2050 Low-Carbon Strategy, launched by the EPA in November 2023 in collaboration with the UN Environment Programme and other state sectors, underscores its commitment to the UN Framework Convention on Climate Change (UNFCCC). Kuwait became the second Gulf country to present such a strategy. The country is targeting carbon neutrality by 2060, with a focus on diversifying energy revenue, increasing renewable energy use, replacing fossil fuels with natural gas, and utilizing waste to support environmental sustainability. The first State of the Environment Report, issued by the EPA last year, marks a major milestone in assessing environmental conditions and exemplifies successful cooperation among governmental agencies. Prepared in collaboration with the UN, the report focuses on seven key areas: climate change, waste management, water resources, biodiversity, marine and coastal environments, and more. The EPA's efforts have led to the launch of four strategic projects focused on environmental protection, sustainable development, waste management, and combating desertification. These initiatives aim to improve performance indicators and foster public-private partnerships in environmental preservation. Urban planning efforts, such as Kuwait's Fourth Structural Plan (2040 Master Plan), promote green buildings and healthier living environments. On the legislative side, Kuwait's environmental protection law includes policies aimed at conserving natural resources and ecosystems. These measures are designed to prevent or reduce air pollution, ensure biodiversity, and promote sustainable living conditions. The law mandates the identification and regulation of fixed pollution sources and enforces penalties for environmental violations. During the recent Sustainable Energy Conference, Kuwait reaffirmed its commitment to achieving a balanced energy mix, aiming for 50 percent of its electricity to come from renewable sources by 2025. In his speech, Minister of Electricity, Water and Renewable Energy and Acting Minister of Finance and Minister of State for Economic and Investment Affairs, Sabeeh Al-Mukhaizeem, emphasized the adoption of comprehensive plans and ambitious projects that align with Kuwait's global commitments and its vision for a sustainable future. Kuwait's renewable energy strategy involves three tracks: long-term projects like the Shagaya Renewable Energy Park, short-term solutions, and smaller-scale initiatives requiring all facilities to generate 10 percent of their electricity from renewable sources. The Shagaya project, a public-private partnership, is being developed in two phases: the first will generate 1,100 MW, and the second 500 MW. The Public Authority of Agriculture Affairs and Fish Resources is also advancing initiatives to expand green cover across the country by planting trees and increasing green spaces in parks and along streets. The authority has implemented plans for artificial barriers and redistributed agricultural areas to help control sand dunes, fight desertification, and mitigate pollution. Public parks remain a cornerstone of Kuwait's environmental efforts, offering diverse green spaces across the country. Kuwait has consistently affirmed its commitment to regional and international environmental agreements and has actively collaborated with global organizations in this field. In this context, Sami Dimassi, United Nations Environment Programme (UNEP) representative and Regional Director for West Asia, praised Kuwait's commitment to developing responsive strategies and action plans that address urgent environmental needs. He highlighted the progress Kuwait has made in promoting environmental initiatives and sustainable development. Ghada Al-Taher, UN Resident Coordinator in Kuwait, lauded the country's active role in environmental sustainability and its participation in initiatives addressing critical issues such as desertification, water scarcity, and biodiversity loss. Kuwait ratified the United Nations Framework Convention on Climate Change (UNFCCC) in 1995 and the Kyoto Protocol in 2005 and has consistently participated in global climate summits. At the Middle East Green Initiative Summit 2022 in Sharm Al-Sheikh in Egypt, Kuwait reaffirmed its full commitment to the initiative's outcomes-marking a key regional turning point in climate action and a foundation for regional collaboration in combating climate change. All KUNA right are reserved © 2025. Provided by SyndiGate Media Inc. (
Zawya
42 minutes ago
- Zawya
Jordan: ACC issues 22,674 certificates of origin in 7 months
AMMAN — The number of certificates of origin issued by the Amman Chamber of Commerce (ACC) for exporting goods increased by 5.1 per cent during the first seven months of the year, compared to the same period last year. According to statistical data obtained by the Jordan News Agency, Petra, the number of certificates of origin issued by the ACC during the January-July period of 2025 reached 22,674, up from 21,566 during the same period in the previous year. The data also showed a 4.4 per cent decrease in the total value of these certificates, which fell to JD763 million from JD798 million for the same period last year. Iraq topped the list of countries importing from Jordan in terms of the value of certificates of origin, with goods worth some JD349 million and 1,965 certificates issued. It was followed by Saudi Arabia with JD61 million and 5,165 certificates. Egypt came next with JD54 million and 566 certificates, followed by Syria with JD46 million and 2,462 certificates, and Switzerland with about JD44 million and 12 certificates. These five countries were among the highest in terms of both value and number of certificates. In terms of the types of products exported, foreign-origin goods (re-exported items) accounted for JD386 million. Industrial products reached JD149 million, agricultural goods JD100 million, Arab-origin products JD61 million, while the remainder covered other types of goods. A certificate of origin is a document used in international trade to certify that goods in a particular shipment were produced, manufactured, or processed in a specific country. Customs authorities use this document to determine the eligibility of goods, verify their origin and apply appropriate tariffs. ACC issues certificates of origin for Jordanian agricultural and animal products, raw natural resources, re-exported foreign goods and foreign goods purchased locally under certain conditions. The chamber also issues certificates for Jordanian industrial products upon the exporter's request, based on an original factory invoice certified by an industrial chamber and a duly authenticated original certificate of origin issued by an industrial chamber confirming that the goods are of Jordanian origin. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
