Financial and Banking News
Jordan Floats Interest Rates
Central Bank of Jordan last week effectively lifted its ceiling on domesticinterest rates by allowing commissions to be charged on loans at the discretionof the commercial banks. Banks continue to pay lip service to the old ceilingrate of 9% on lending, but are now free to offer any rate they wish on depositaccounts. The Central Bank itself has raised its rediscount rate from 5.75% to7%, the...