Regulatory Alerts2009-02-01
Added · Updated
Foreign Currency Instructions
The Central Bank of Jordan issued these Instructions to liberalize foreign currency regulations, permitting unrestricted entry and exit of payment means and gold, as well as unrestricted visible, invisible, and capital payments. Licensed banks are authorized to hold foreign currencies up to 15% of total external liabilities against imports or one million Jordanian Dinars, whichever is greater, and must sell excess amounts within one week. The document allows banks to manage foreign currency investment portfolios, engage in forward transactions without ceilings, and open resident and non-resident accounts with unrestricted withdrawals. Additionally, banks must submit specific monthly reports to the Central Bank, and a 1% commission is levied on foreign currency transfers, excluding government and diplomatic entities.