AMMAN — A number of
Jordanian banks have
raised interest rates on residential and commercial loans as of Monday, according
to Jfranews. The banks informed their customers of the decision via text message.
اضافة اعلان
One bank reportedly raised its commercial interest
rate from 8.95 percent to 9.5 percent, a decision that will increase both the
monthly installments and the price of the loan overall.
Last month, the
Central Bank of Jordan (CBJ) raised
interest rates by 25 basis points on all monetary policy tools as of 20 March.
This decision comes within the framework of the CBJ’s
continuous monitoring of interest rates and local, regional, and international
economic developments, and aims to contain expected inflationary
pressures in light of escalating inflation rates globally. The CBJ added
that its decision is linked to curtailing inflation rates which are reaching
high levels due to the gradual recovery of global demand in the wake of the COVID-19
pandemic and the accompanying imbalance in supply chains.
Residential loans granted to individuals accounted for
80 percent of the total real estate facilities at the end of 2020, which
amounted to JD5.59 billion, while commercial real estate loans accounted for 20
percent of the total real estate facilities.
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