Regulatory Alerts2010-05-04
Added · Updated
Central Bank of Jordan Circular on Housing Credit Reserve Relief under the Karim Housing Initiative
The Central Bank of Jordan releases 200% of the outstanding balances of direct Jordanian Dinar residential credit facilities granted under the Karim Housing Initiative from mandatory cash reserve requirements for licensed banks. This relief applies to facilities granted between May 4, 2010, and December 31, 2011, provided interest or commissions do not exceed 5% and funds are not used to settle existing debts. Banks must submit monthly data via an attached form alongside their mandatory reserve statements and remain liable for the accuracy of this data under Article 88/B of the Banks Law.