Jordan Chamber of Commerce financial and banking sector representative Firas Sultan said Standard & Poor’s decision to affirm Jordan’s long-term sovereign credit rating at BB- in both local and foreign currencies, with a stable outlook, reflects the resilience of the national economy and its ability to withstand regional challenges while maintaining financial and monetary stability.
Sultan said maintaining the rating amid current regional conditions is a positive indicator of the Jordanian economy’s ability to cope with surrounding developments and changes, while underscoring the importance of the economic, fiscal and monetary reforms implemented by the Kingdom in recent years.
He noted that the agency’s assessment of the resilience of the Jordanian economy, the country’s high foreign exchange reserves and continued strong support from international partners are important factors in strengthening confidence in the national economy and supporting financial and monetary stability.
Sultan said S&P’s forecast for Jordanian economic growth of 2.5% this year, accelerating to an average of around 3.2% during 2027-2029, reflects genuine growth potential in the coming period. He cited the rerouting of regional trade through Jordan, the growing role of the Port of Aqaba and continued strength in remittances from Jordanians working abroad.
He added that contributions from the industrial and mining sectors, along with major projects and improving trade activity, could strengthen the economy’s ability to achieve higher growth rates in the coming years and create additional opportunities for the private sector and various economic sectors.
Sultan emphasized that the stability of the Jordanian dinar’s exchange rate, which is pegged to the U.S. dollar, remains one of the Kingdom’s key pillars of monetary and financial stability. He said the agency’s projection that gross foreign reserves would reach around $26 billion by the end of this year would further strengthen the economy’s ability to withstand external shocks and support confidence in the national currency.
He also pointed to S&P’s forecast for average inflation to remain around 2.4% during 2026-2029, saying it demonstrates the economy’s continued ability to maintain price stability amid government policies aimed at limiting the impact of higher oil prices on domestic prices.
Sultan said the financial and banking sector views the affirmation of Jordan’s credit rating positively, given its importance in strengthening the confidence of investors and international financial institutions in the national economy, improving the investment environment and enhancing the Kingdom’s ability to attract further investment.
He stressed that monetary and financial stability, combined with the strength of the banking system, foreign reserves and international support, provides an important foundation for helping the Jordanian economy overcome regional challenges and capitalize on emerging opportunities.
Standard & Poor’s is one of the world’s leading independent credit rating agencies and is also known for publishing major stock market indices, including the S&P 500, which tracks 500 of the largest and most prominent companies listed on U.S. stock exchanges.
Source: Petra
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