Deputies endorse amendments to bill on currency exchange agencies

AMMAN — The Lower House on Tuesday passed the 2015 amendments to the law governing the work of exchange agencies, prohibiting international currency exchange companies from opening branches in Jordan.

Under MPs’ amendments, currency exchange agencies violating the provisions of the law will face a penalty of closure or licence cancellation in addition to a fine ranging from JD4,000 to JD100,000.

In a previous session, the House linked the licensing of currency exchange agencies to gaining approval from the Central Bank of Jordan (CBJ).

No money exchange shop shall be officially registered at concerned institutions unless it gains the initial approval of the CBJ board, MPs insisted, expanding the CBJ’s jurisdiction in licensing and regulating exchange agencies.

As endorsed by the Lower House’s Economic and Investment Committee and passed by a majority of lawmakers, exchange shops require approval from the CBJ board in order to be able to recruit non-Jordanians, and under a set quota.

The law, according to its validating reasons, is aimed at regulating the exchange business in the Kingdom.

The House is scheduled to convene on Wednesday to discuss the draft municipalities law and the 2015 amendments to the Independent Elections Commission Law which were referred back to deputies by the Senate.