Jordan inflation rate falls to 4.7% y/y in Aug

LENDING RATES: The Central Bank of Jordan (CBJ) slashed its benchmark lending rates by a total of 250 basis points in an easing cycle that dates back to November 2008. (Getty Images)

Jordan's year-on-year consumer price inflation (CPI) fell to 4.7 percent in August from 4.8 percent in July, according to figures released by the Department of Statistics on Monday.

Yearly inflation - which stretched into double digits in 2008 on the back of record oil and commodity prices - has picked up again after falling to 3.9 percent in January this year.

Inflation in the oil-importing kingdom ran at around 5 percent in the first half of 2010, buoyed by rising energy costs. Economists expect it to hover around 6 percent this year while the government still hopes it will stay in a 3-4 percent range.

The Central Bank of Jordan (CBJ) slashed its benchmark lending rates by a total of 250 basis points in an easing cycle that dates back to November 2008.

Its discount rate is currently 4.25 percent and the rise in inflationary pressures have fuelled expectations among analysts and dealers in domestic money markets that there was less room for further cuts.

That has sent average yields on 18-month Treasury bonds closer to 5 percent, rising along with three-year bonds by at least 150 basis points since the start of the year, bankers say. ($1 = 0.709 dinar) (Reuters

Development Merchan Banker

Reesby & Company has considerable experience in all types of property development including multi unit residential development, commercial and retail projects, master planned communities and traditional land subdivision. Reesby & Co has completed transactions ranging from standard $1 million first mortgages over suburban retail developments to the $200 million Lighter Quay Development in the Auckland Viaduct Basin, the $70 million Maritime Office Building on Wellingtons Waterfront, the $250 million Telecom Head Office in Victoria Street, Auckland CBD, the $35 million HSBC Tower in Christchurch and the $60 million Chaffers Dock Apartment building in Wellington. We have also sourced bank and subordinated debt finance for over 5000 residential apartments and houses throughout New Zealand. Each project has different strengths and weaknesses so it is not possible to be specific on the level of funding available without receiving detailed information on the project. While the lending market has tightened considerably, Reesby & Co still has the ability and resources via Private Investors, Banks and Spinnaker Capital to provide the required funding solution.
Some of the larger projects we have been involved with include:
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