AMMAN — Jordanian banks will keep interest rates unchanged on existing individual loans despite the Central Bank of Jordan’s decision to raise key policy rates by 25 basis points, the Association of Banks in Jordan (ABJ) said on Sunday.

 

The move will shield borrowers from additional financial costs and help them continue meeting their loan obligations, the association said in a statement to the Jordan News Agency (Petra).

 

The decision comes despite higher funding costs facing banks, including increased interest rates on deposits, particularly those denominated in foreign currencies, following the US Federal Reserve’s decision to raise interest rates by 25 basis points, ABJ said.

 

The association said that the decision reflects the Jordanian banking sector’s commitment to taking into account citizens’ economic circumstances while balancing customers’ interests with the need to maintain the strength and stability of the banking sector.