Regulatory Alerts2022-04-06
Added · Updated
Instructions for Granting Credit Facilities in Foreign Currency and Controls for Non-Resident Financing No. 2/2021
The Central Bank of Jordan issued Instructions No. 2/2021 to consolidate and amend regulations regarding foreign currency credit facilities and financing for non-residents. The document permits direct foreign currency lending for export and re-export activities while prohibiting such facilities for persons not engaging in activity within the Kingdom, with specific exceptions for free zones and interbank transactions. Banks are required to rectify existing non-compliant facilities by their maturity dates and submit quarterly data reports starting from March 2021 using prescribed forms. This instruction simultaneously cancels seven prior circulars and memoranda effective immediately.
Topics
Share