Fariz thumbs up performance of Jordanian banks

AMMAN –– Jordanian banks are set to continue their strong performance this year, building on growth registered during 2013 and 2012, Central Bank of Jordan (CBJ) Governor Ziad Fariz said Sunday. 

In an interview with The Jordan Times, Fariz commended the performance of  the banking sector in terms of capital adequacy besides an  increase in credit facilities, assets and liquidity over the past two years, and expecting  the uptrend to continue this year. 

According to CBJ figures, credit facilities extended by local banks in 2013 reached JD18.9 billion, while deposits amounted to JD27.6 billion. 

The governor indicated that non-performing loans in 2013 dropped to 7.4 per cent from 8.6 per cent in 2012, attributing it to  the sound management in the Kingdom's banking sector.  

Fariz said  local banks have raised their provisions for bad debts.

Fariz was speaking on the sidelines of a high-level regional conference to discuss policies that can generate jobs and lead to better growth and equity in the region, with the participation of over 200 policy makers from the Middle East and North Africa, and leading members of the private sector, academia, civil society and media.

Under the theme ìBuilding the Future: Jobs, Growth and Fairness in the Arab Worldî, the two-day conference is co-organised by the government and the Arab Fund for Economic and Social Development, and the International Monetary Fund.