Jordan cuts interest rates

The Central Bank of Jordan has cut the benchmark interest rates in the kingdom by half-a-percentage point to boost economic growth, Bloomberg has reported. The Amman-based bank's open market operations committee, headed by Governor Umayya Toukan, lowered the rediscount, repurchase agreement and overnight window rates by half-a- percentage point. The rediscount rate was reduced to 4.25%, the repo rate to 4% and the overnight window rate to 2%. The new rates take effect today.