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Banks association discusses Kingdom's credit rating upgrade

By Maria Weldali - May 17,2024 - Last updated at May 17,2024

The Association of Banks in Jordan on Tuesday organises a briefing to discuss the recent upgrade of Jordan’s long-term local and foreign currency issuer ratings to Ba3 by Moody's Ratings, reflecting stable financial prospects (Petra photo)

AMMAN — The Association of Banks in Jordan on Tuesday, organised a briefing to discuss the recent upgrade of Jordan’s long-term local and foreign currency issuer ratings to Ba3 by Moody's Ratings, reflecting stable financial prospects.

The briefing, attended by stakeholders, representatives from the Finance Ministry, financial experts, and pertinent government officials, featured a discussion session led by Finance Minister Mohamad Al-Ississ and  governor of the Central Bank of Jordan (CBJ), Adel Sharkas.

Al-Ississ and Sharkas underscored that the rating upgrade is a testament to the effectiveness of the country’s prudent and comprehensive financial reforms and management, noting that despite ongoing regional turbulence, Jordan’s national economy has consistently demonstrated growth.

The Association of Banks emphasised that the upgrade from B1 to Ba3, accompanied by a shift in outlook from positive to stable, reflects the success of the country’s financial administration, macroeconomic policies, and the strategic measures implemented to address present and future challenges.

“The upgrade is a significant achievement achieved through the collective efforts of all relevant stakeholders, including the banking sector,” Al-Ississ stated on Thursday. He further added that the recent rating is a clear indication of the international community’s confidence in Jordan’s economy, thereby enhancing the country’s appeal as an investment destination.

Sharkas, on his part, attributed the recent upgrade to CBJ’s quick and proactive response to challenges over the past years, along with its autonomous fiscal policy.

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