Revival in Jordan Markets after Early Disbursal of Salaries

People stand in line to buy bread at a bakery in Amman, Jordan, January 26, 2018. (Reuters)
People stand in line to buy bread at a bakery in Amman, Jordan, January 26, 2018. (Reuters)
TT

Revival in Jordan Markets after Early Disbursal of Salaries

People stand in line to buy bread at a bakery in Amman, Jordan, January 26, 2018. (Reuters)
People stand in line to buy bread at a bakery in Amman, Jordan, January 26, 2018. (Reuters)

Jordanian markets were revitalized in recent days after Prime Minister-designate Omar Razzaz ordered the early payment of salaries.

The rejuvenation coincided with the final days of the holy fasting month of Ramadan and the Fitr holiday that celebrates the end of the month. Market activity was noticeable at department stores and markets in western Amman, Abdoun and Jabal Al Hussein.

Markets were hit by recent protests against a contentious draft tax law. Razzaz’s appointment has eased the tensions.

The Consumer Protection Society (CPS) called on housewives against buying groceries on the eve of the Fitr holiday to avoid scams.

The Society also called on business owners to take into consideration the difficult economic situation in the country and avoid hiking prices.

In a related context, the Department of Statistics issued its monthly report on the record rate of inflation.

Figures showed that inflation in May reached 124.9 points compared to 118.9 for the same month in 2017.

The report showed that the record rate of consumer’s prices for the first five months of this year rose 4.1 percent compared to the same period in 2017.

Some commodities that contributed to this rise are tobacco (0.68 percent), rentals (0.43 percent) and fuel (0.29 percent). Major commodities whose prices dropped were vegetables and legumes (0.46 percent), clothes (0.05 percent) and shoes (0.01 percent).



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
TT

Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.