Banking
Banking to private businesses was up in 2007, on top on increasing deposits. According to Department of Statistics (Dos) Jordan’s Financial and Business Services Sector average annual growth is by more than 14% from 2006 to 2007. There are 23 commercial banks in Jordan, out of which 15 are listed on the Amman Stock Exchange (ASE) 54% of the bourse’s total market capitalization. Eight of these banks are renowned international banks and two Islamic banks, with many regional institutions expanding into the kingdom. Commercial Banks have more than 455 branches operating inside and outside the kingdom. The banking sector plays a major role in the Jordanian economy, as it lies in the heart of the financial system. By the end of 2007, total assets of listed banks reached 61.91 billion USD of which direct credit facilities were approximately 29.74 billion USD (growth of 26.9% in 2007). The sector experiences high capital adequacy with an average of 25.7% in 2007.
Banks can deal in buying, selling and maintaining accounts in foreign currency under the supervision of the CBJ. Expatriates are permitted to open accounts in either demand deposits, time-fixed or savings deposits in both Jordanian Dinars and foreign currencies. The CBJ also allows the implementation of provisional Jordanian Dinar/foreign currency swap facilities in commercial banks. Other currency exchange offices also operate under the guidelines of the Central Bank.
View Bank Distribution by Type 2007