AMMAN, 2 November 2005 — Jordanian banks yesterday launched JODIBOR, an interbank benchmark interest rate for guiding transactions in Jordanian dinar, according to the Association of Banks in Jordan (ABJ) CEO Mufleh Akel. “The benchmark rate, which is similar to the London Interbank Offer Rate (LIBOR), will stand as a clear reference point to borrowers, depositors and investors,” Akel said. He pointed out that JODIBOR would be set and announced every business day at 11.00 a.m. local time (8.00 GMT). The daily rate will be calculated on the basis of interest rates provided by 10 national banks, while the lowest and highest rates will be excluded, Akel said.