Regulatory Alerts2025-05-04
Added · Updated
Circular on Prizes Linked to Savings Accounts
The Central Bank of Jordan extends the validity of its regulations on prizes linked to savings accounts until the end of 2027, imposing a maximum single prize limit of JD 100,000 and an annual aggregate cap of JD 3 million. The directive mandates specific drawing frequencies, requires Central Bank representation for prizes valued at JD 10,000 or more, and prohibits using prizes as a substitute for interest payments. Banks must obtain prior approval for prize promotions, submit quarterly and monthly reporting on awards and interest rates, and include prize procedures in their annual internal audit plans. These provisions enter into force on January 1, 2026, and repeal previous circulars dated 2019 and 2023.
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