Browse related articlesJordan's CB tries to cut inflation
Jordan: Sunday, February 17 - 2008 at 11:43
Jordan's government needs to rein in spending to crimp inflation and narrow a current account deficit that has reached about 15 per cent of economic output, the Central Bank of Jordan's deputy governor said, reported Bloomberg. Last month Jordan approved a budget that includes a 33 per cent increase in spending to 5.2bn dinars ($7.3bn) for this year. The fiscal deficit will widen to 5.6 percent of gross domestic product, from 5.4 percent of GDP in 2007. Jordan's inflation rate will probably jump to the highest in 18 years in 2008 after the government ended oil subsidies this month, pushing prices up as much as 76 per cent, Finance Minister Hamed al-Kasasbeh said. Inflation will accelerate to between 8 percent and 9 percent from 5.4 per cent last year.
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Amena Bakr, Senior ReporterSunday, February 17 - 2008 at 11:43 UAE local time (GMT+4)
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