Regulatory Alerts2019-03-10
Added · Updated
Central Bank of Jordan Circular No. 27/5/3808 on Savings Account Prize Regulations
The Central Bank of Jordan mandates that banks maintain the status quo for savings account prize plans during 2019, implement regulated quantitative and qualitative controls starting in 2020, and completely abolish such prize programs by 2021, with exceptions only for universal reward programs. The 2020 regulations cap single prizes at 100,000 Jordanian Dinars and annual total prizes at 3 million Dinars, while prescribing specific draw frequencies and strict advertising standards to prevent unfair competition. Additionally, banks are required to publicly announce savings account interest rates and submit monthly reports on these rates to the Central Bank.
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