Monetary situation sound — CBJ chief

AMMAN — Jordan's foreign currency reserves are stable and sufficient for seven to eight months, Governor of the Central Bank of Jordan (CBJ) Ziad Fariz said Sunday.

During the open day organised to discuss issues related to financing the industrial sector, Fariz stressed that the Kingdom's financial situation is safe, and that Jordan can turn crises into opportunities, the Jordan News Agency, Petra, reported.

He also revealed a study to establish a special fund to finance entrepreneurs, in cooperation with the Jordan Loan Guarantee Corporation and the Jordan Chamber of Commerce (JCC), with focus on funding developmental and technological creative initiatives. 

CBJ seeks to guarantee the loan process to ensure it is well-knitted and transparent to protect financers’ rights, from one side, and achieve economic development from another, the governor said.

Fariz also stressed the importance of dialogue between the industrial and finance sectors to set the proper tools to facilitate the loan processing, especially for small, medium and entrepreneurial projects, which, he said, face challenges in securing funds. 

He also noted that the banking sector is involved in supporting and enhancing the capabilities of the industrial sector so as to enable investors to play their role in supporting the national economy and creating jobs for Jordanians. 

Islamic banking loans are also available for the industrial sector, including the energy industries, with a payback period of up to 15 years, Fariz added.

JCC President Ayman Hatahit said the event is part of the chamber’s efforts to address the challenges facing small- and medium-sized enterprises related to securing sufficient loans.

The event, co-organised between CBJ and JCC, aimed at reducing the gap between the industrial and banking sectors, and shed light on different types of loans and banking services financers provide, Petra reported.

Also on Sunday, CBJ announced on its website that the volume of mandatory reserves at the beginning of the week reached JD1.525 billion with the volume of excess liquidity, including overnight window deposits held at CBJ reaching JD3.147 million.