It is noteworthy that this decision comes at a time when the cost of funds for banks is rising, including interest rates on deposits, which means that in this case, the banking sector decided to bear part of the cost instead of passing it entirely to individual borrowers, whose existing loans amounted to about 14 billion dinars according to data at the end of 2024.
This is not the first time that the Jordanian banking sector has shown a role that goes beyond the traditional relationship between the bank and the customer. During the COVID-19 pandemic, installments for hundreds of thousands of customers were postponed without charging them interest or delay fees, and banks also contributed to providing financing and liquidity to affected companies and economic sectors, which helped to continue business and supply chains in one of the most difficult economic crises, in addition to their role in building schools and social responsibility.
It is true that banks are commercial institutions with shareholders, interests, and responsibilities towards their financial stability, but ultimately, the stability of the bank is linked to the stability of its customers and the economy in which it operates. A citizen who can meet their obligations is in the interest of the bank, and a company that receives financing and continues its production is in the interest of the economy and the banking sector alike.
In conclusion, interests may differ, but the constant truth is that a stable economy needs stable banks, and stable banks need citizens and companies capable of continuing and meeting their obligations. Therefore, banks siding with citizens in certain circumstances is not a concession of their interests, but rather an investment in the stability of the economy to which they belong.
