Memorandum Regarding Interest and Commissions No. 28-2000 dated 31-1-2000

In the name of Allah, the Most Gracious, the Most Merciful

Form (1/1/10)

Number: 1454 / 10 / 2 / 4
Date: 25 / 10 / 1420 AH
Corresponding to: 31 / 1 / 2000 AD

Memorandum to Licensed Banks
Number (58 / 2000)

Based on the provisions of Article (43) of the Jordan Central Bank Law No. (23) of 1971 and its amendments, and to enhance procedures aimed at liberalizing restrictions in the money and financial markets, and to achieve the highest degrees of competition among banking system institutions and give them more flexibility in making decisions to enable them to provide banking services better and at a reasonable cost to their clients, it has been decided as follows:

First: Licensed banks are left with the freedom to determine the prices of commissions and banking services they charge from their clients, whether residents or non-residents.

Second: The right to pay interest and the right to collect, with respect to cash deposits in current accounts, is the right of the next business day.

Third: The following are repealed by this memorandum:

• Paragraphs (c, d, e, f) of Item (2) of our Memorandum No. (11/90) dated 16 / 1 / 1990.
• Our Memoranda with numbers (93/276) dated 19 / 12 / 1993, (94/62) dated 26 / 2 / 1994, and (96/78) dated 29 / 2 / 1996.

Fourth: This memorandum shall be implemented as of the date 1 / 2 / 2000.

The Governor

P.O. Box 27 • Amman 11118 Jordan • Phone 1/4638730 • Telegram Bank Markazi/Amman • Telex 21250, 21467, 21766 • Fax 4638889