Deputy Governor of the Central Bank of Jordan (CBJ) Ahmad Mustafa on Saturday said that CBJ will continue its monetary policy aimed at maintaining the stability of the dinar and the Kingdom's foreign reserves.
Speaking at the opening ceremony of the Inter-Arab Cambist Association, Mustafa told the gathering of more than 400 participants in the four-day event that the CBJ has been largely successful in achieving monetary stability.
“The debate on the trade-off between monetary stability and economic growth has become less relevant since early 1999,” Mustafa said.
“Confidence in monetary policy and stability has been regained which has permitted the CBJ to significantly relax monetary conditions, while maintaining stability,” he added.
“A sound banking system is the basis for financial stability that facilitates the achievements of monetary stability and promote economic growth,” Mustafa said.
He indicated that the CBJ is maintaining a keen interest in reforming and developing the financial sector, which includes developing the bond market, mortgage refinance and loan guarantees.
The ICA conference, which grouped participants from Arab and foreign financial organizations, is the third to be held in Jordan in less than 20 years. The conference was previously held in Jordan in 1988 and 1995.
The meeting, which was opened under the patronage of His Majesty King Abdullah, is expected to discuss problems that face foreign exchange dealers in the Middle East.
Among the issues the meeting is expected to handle are the developments in Jordan's monetary policy, Arab financial markets in the new world economy, regional economic outlook, the use of Depository Receipts (ADRs and GDRs) in accessing international capital market and global economic outlook for currency and financial markets.
Chairman of the Jordan Forex Association Jamal Fariz said the meeting was an opportunity to exchange experiences among Arab and foreign financial institutions.
Fariz said that listing of Arab companies' shares on foreign stock markets and vice versa is also among the issues the meeting will debate.
Forex, which was established in 1993, is an independent organization aimed at promoting the foreign exchange environment in Jordan and assisting dealers in developing their skills.
At the fringes of the conference, international financial organization displayed up-to-the minute software and related systems used to assist dealers and investors in making better informed financial decisions.
Minister of Finance Michel Marto deputized for King Abdullah in the inauguration ceremony. — ( Jordan Times )
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com)
