Regulatory Alerts2017-06-09
Added · Updated
Instructions on Interest Rates on Deposits and Credit Facilities no (14/2002)
The Central Bank of Jordan mandates that licensed banks independently determine interest rates and commissions for deposits and credit facilities, requiring weekly notification of these rates to the regulator by Tuesday. Banks must display declared rates prominently at all branches, notify customers in writing of all loan costs and conditions, and submit detailed statistical forms regarding effective rates and loan distributions by the tenth of the following month. The directive establishes specific calculation principles for interest and commissions, such as using a 360-day year for credits and 365 days for deposits, and explicitly cancels all prior instructions on this subject effective immediately.
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