Regulatory Alerts2020-01-08
Added · Updated
Circular dated January 8, 2020 regarding extending the work period for the tourism sector support initiative and the retail loan initiative for workers in the tourism sector until the end of 2020
The Central Bank of Jordan extends the validity of the Tourism Sector Support Initiative and the Retail Loan Initiative for Tourism Sector Workers until December 31, 2020. The Tourism Sector Support Initiative is extended for an additional year, allowing banks to submit monthly settlement reports for up to three years. The Retail Loan Initiative is extended for one year, granting a six-month grace period for principal and interest payments for loans approved before September 30, 2019, provided the borrower remains in the tourism sector. Banks are prohibited from applying IFRS 9 impairment rules to these loans, ensuring borrowers retain eligibility for future support initiatives.