ABJ Statement 13-Apr-2020

n line with CBJ measures to contain the repercussions of the corona epidemic and to ease hardships of different economic sectors, and in response to CBJ decisions to lower interest rates on monetary policy instruments that it issued last March and their prompt implementation mechanism, and in light of the consultations between banks and the CBJ, banks announce their commitment to lower interest rates on all present facilities as follows:

First: Lowering interest rates on individuals’ facilities and retail customers with a total of 1.5% at the end of the current month, regardless of the periodic date of repricing facilities provided for in the credit contracts;

Second: Lowering interest rates on SMEs’ facilities with a total of 1.5% at the end of the current month. This does not include the financing programs granted at preferential rates by the CBJ.

Third:  Lowering of prime lending rate with a total of 1% as of the end of the current month.

Those decisions are in line with the different initiatives that banks have adopted to back the national efforts with the aim of containing the negative effects of the coronavirus.

Banks shall inform their customers of the details of this lowering of interest rates.

Banks further reiterate their continued support to different economic sectors, including that conducted through programs launched by the CBJ, among which is the JD1.2 billion program to support economic sectors and the recent program to support SMEs, whose volume amounts to JD 500 million.