PMA Signs MoU with Central Bank of Jordan on Cooperation in Banking Supervision

In the context of strengthening ties in the area of banking supervision, the PMA and the Central Bank of Jordan signed a memorandum of understanding (MoU) on the cooperation regarding the comprehensive supervision of Palestinian and Jordanian banking institutions operating in both countries, in line with the recommendations and resolutions of the Basel Committee on Banking Supervision.

The MoU provides for facilitating the roles of both sides in assuring the soundness and robustness of banking institutions, given that eight Jordanian banks are operating in Palestine, through 86 branches and 18 representative offices. Assets of these banks are valued at around JD 4.4 billion, constituting around 53 percent of the total value of assets of banks operating in Palestine and around 10 percent of the total value of Jordanian bank assets.  Moreover, the value of customer deposits held with these banks amounts to JD 3.2 billion, representing around 53 percent of customer deposits with banks operating in Palestine, while total credit granted is valued at  JD 1.6 billion, representing around 48 percent of total value of direct credit granted by banks operating in Palestine.

The MoU was signed by the Governor of the Central Bank of Jordan, H.E. Dr Ziad Fariz, and the Governor of the PMA, H.E. Dr Jihad Al Wazir, in the presence of Minister of Finance, H.E. Dr Umayya Toukan and the Minister of the International Cooperation, H.E. Dr Ibrahim Saif and their Excellencies, Chairmen of the Boards of Jordanian banks operating in Palestine.