Central Bank of Jordan, Palestinian Monetary Authority sign agreement

AMMAN — The Central Bank of Jordan (CBJ) and the Palestinian Monetary Authority (PMA) on Saturday signed an agreement related to controls on financial institutions in both countries. CBJ Governor Ziad Fariz said there are eight Jordanian banks working in Palestine through 86 branches and 18 offices with assets of JD4.4 billion, constituting 53 per cent of total assets of banks operating in Palestine and 10 per cent of the banks’ assets in Jordan. Client deposits in Jordanian banks in Palestine are estimated at JD3.2 billion, which constitute 0.53 per cent of total deposits in banks working in Palestine, with credit facilities estimated to reach JD1.6 billion, accounting for 48 per cent of the total facilities presented by banks in Palestine, Fariz added. PMA Governor Jihad Wazir said CBJ is the main supporter of the authority, crediting Jordanian experience for enhancing the institutionalisation of Palestinian banks.