Jordan – Bank deposits increased 1% to 25.9 billion dinars

(MENAFN – Alghad Newspaper) Hiba al-Issawi

The value of total customer deposits in local banks increased by 1% in the first five months of this year, according to the latest figures released by the Central Bank of Jordan.
The value of deposits amounts to 25.934 billion dinars, against 25.66 billion end 2018.
Jordanian dinar deposits at the end of the first five months of this year accounted for 76.2% (three quarters) of total customer deposits, which stood at 34.03 billion.
The central bank's policy of allowing large interest rate differentials in favor of the Jordan dinar encourages banks and depositors to keep their funds in the form of dinar-dominated badets.
Since the beginning of last year, the Central Bank of Jordan raised the interest rate of the dinar by a quarter of a percentage point three times, the first in March, the second on June 14 and the last in December.
The main interest rate is 4.75%, the discount rate is 5.75%, the day-to-day redemption rate is 5.5% and the day-to-day deposit window is 4%. %.
With regard to foreign currency deposits, the total foreign currency deposits of the Kingdom's licensed banks decreased by 1% in the first five months of this year to 8.1 billion dinars compared with the previous year. end of 2018, according to the Central Bank.
For example, foreign currency deposits with licensed banks have decreased by KD 75.4 million from the beginning of the year to the end of May.
Foreign currency deposits accounted for 23.8% of total deposits in the Kingdom during the first five months, total deposits with licensed banks rising to KD 34.03 billion at the end of May .
As for private sector deposits in the first five months of this year, they increased by 34 million KD to 27.28 billion KD, against 26.94 billion USD at the end of last year.
Thus, the increase in deposits of private sector residents is 1.2% compared to the end of 2018.
Private sector deposits accounted for 77.8 percent of the 12.25 billion dirhams, while foreign currency deposits for the private sector amounted to 6.03 billion dinars.

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