ABJ Pledges to Implement Central Bank’s Interest Rate Cuts on Individual Loans.

Amman: The Kingdom's banks are "committed" to implementing the Central Bank of Jordan (CBJ)'s decisions on cutting interest rates on individual loans, CEO of the Association of Banks in Jordan (ABJ), Dr. Maher Mahrouq, affirmed. According to Jordan News Agency, in a statement to "Petra," Mahrouq added that banks "automatically" reset interest rates as of the effective date of the CBJ's decision for this purpose. Banks, he noted, will trim interest rates, as per the mutually agreed contract timetable and the adjustment period set in the credit agreement. The reduction mechanism resembles previous steps taken to hike interest rates, he said, calling on customers to contact their respective banks to view their contract details and the adjustment dates, he pointed out. Mahrouq also stressed the importance of visiting the CBJ's Financial Consumer Protection Department for any possible inquiries, or to address obstacles.