It was reported recently that the Central Bank of Jordan (CBJ) has issued a circular calling upon local banks to keep unchanged the terms of loans granted to individuals. With the CBJ’s decision, individuals will no longer have to repay their loans as a result of the existing interest rate changes and will be able to ease their repayment burdens.
CBJ further added that in case any installment commission is incurred due to the rise in interest rates, the local banks should find a mechanism to postpone the payment until the end of the loan or to extend the time allotted for the loan payments to be paid.