Regulatory Alerts2023-02-23
Added · Updated
Circular to Licensed Money Exchange Companies Regarding Foreign Currency Valuation
The Central Bank of Jordan requires licensed money exchange companies to evaluate their foreign currency assets and liabilities in their 2022 final financial statements in accordance with International Accounting Standards. This directive addresses notable fluctuations in exchange rates for certain currencies and reinforces the requirements of Circular No. 45/14/3/9 dated January 20, 2023. The regulation applies specifically to licensed money exchange entities submitting their annual financial reports.
No.: 17/3/9 / 3703 Date: 29/7/1444 AH Corresponding to: 20/2/2023 AD
Circular to Licensed Money Exchange Companies
Greetings,
Further to our Circular No. (45/14/3/9) dated 2023/1/20 regarding the formal submission of your company's final financial statements for the year 2022, along with various requirements and clarifications, and its attached schedule of foreign exchange rates for the purpose of evaluating your foreign currency assets and liabilities balances, and in response to inquiries received from several licensed money exchange companies regarding the exchange rates of certain foreign currencies that experienced notable fluctuations, we wish to emphasize the necessity of evaluating your balances of assets and liabilities in those currencies in your company's final financial statements for the year 2022 in accordance with what International Accounting Standards stipulate on this matter.
Please accept our highest respect,
The Central Bank of Jordan