Regulatory Alerts2024-03-11
Added · Updated
Central Bank of Jordan Circular No. 5/2024 on Cash Handling Services
The Central Bank of Jordan mandates licensed banks to provide coin deposit services and supply metal coins and small-denomination banknotes directly to customers, prohibiting referrals to the Central Bank for these transactions. Banks are required to maintain sufficient reserves of these items at main centers and branches to meet increased demand during Ramadan and Eid. This directive applies to all licensed banks and their branches in Jordan.
[Logo of the Central Bank of Jordan]
Number: 13/2/4204 Date: 23 Sha'ban 1445 AH Corresponding to: 4 March 2024 AD
Memorandum to Licensed Banks Number (5/2024)
Greetings,
Following our Memorandum No. (2023/28) dated 2023/8/8, we noted with displeasure the continued receipt of complaints from citizens stating that some banks and their branches refuse to provide coin deposit services and fail to meet customers' needs for banknotes. In light of the above and with the Central Bank's commitment to meeting your needs and the customers' needs for cash, I wish to emphasize the necessity of you undertaking the following:
First: Direct all cashiers at main centers and branches to provide coin deposit services and not to refer them to the Central Bank for the purpose of exchanging them for banknotes.
Second: Direct all cashiers at main centers and branches to fulfill requests from your customers and the public for metal coins and small-denomination banknotes (foreign exchange) and not to refer them to the Central Bank for this purpose.
Third: Maintain sufficient reserves at your main centers and branches of metal coins and banknotes to meet the increased demand for them during the holy month of Ramadan and the Eid periods.
Please accept our highest respect,
The Governor Dr. Adel Al-Sharkas [Signature]