Central bank of jordan
Ziad fariz, central bank governor, central bank of jordan
10th Page Content On September 25th, 1973, I was born in Amman, Jordan. Has a Bachelor of Computer Science degree from the University of Jordan and has worked for the Central Bank of Jordan since 1995. In the Payments Systems & Domestic Banking Operations Department, he is currently an assistant executive manager for payment systems oversight. During his tenure at the central bank, he worked on a variety of projects including real-time gross settlement (RTGS), automated clearing house (ACH), and mobile payment (JOMOPAY), as well as attending several conferences and giving a number of internal and external lectures. Has been a specialist in payment systems and has taken on a number of roles at Jordan’s central bank, including the Management of Systems Development Division.
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H.E. Mr. President, Jordan’s Central Bank Governor, Dr. Ziad Fariz, has announced the introduction of a new Real Time Gross Settlement System (RTGS) based on the new ISO 20022 standard. “RTGS is the backbone of the country’s financial money transfers system, which facilitates the transfer of funds among all commercial banks operating in Jordan, providing clearing and settlement services,” said Governor Fariz. Financial stability, proper monetary policies, and liquidity management are all supported by safe and productive RTGS operations. Using the latest ISO 20022 allows for potential financial market developments.”
Dr. Maher K. Sheikh Hasan, Deputy Governor, has also stressed the importance of a fully integrated state-of-the-art network that the new RTGS offers to all banks and other financial institutions, which will strengthen the transparency of interbank payments and government securities auctions.
Mr. H.E. The new platform, according to Deputy Sheikh Hasan, will allow the processing of all types of Islamic products and provide options for Islamic banks to invest their excess liquidity in Shari’a-compliant ways.
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ZIAD FARIZ: As a result of the repeated disruptions in Jordan’s natural gas supply from Egypt, as well as the continued rise in international oil prices, the burden of fuel subsidies on the general budget increased dramatically in 2012. As a result, the overall cost of fuel subsidies in 2012 was about 3.2 percent of GDP, up from 2.8 percent in 2011. As a result, the government’s budget deficit rose to about 8.2% of GDP in 2012, up from 6.8% the year before.
Jordan, on the other hand, phased out fuel subsidies in November 2012, in line with the Kingdom’s national reform program. In 2012, the IMF aided the initiative, which aimed for financial and economic stability. Furthermore, this measure has the dual benefit of reducing the government’s funding needs, releasing more liquidity for the private sector, and lowering domestic financing costs.
FARIZ: The CBJ reviews its main interest rate policy on a regular basis to ensure that the interest rate level and structure are comparable to economic growth and adequate to hold inflationary pressures at bay.
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The Central Bank of Jordan is Jordan’s central bank, responsible for the release and distribution of the Jordanian currency as well as the maintenance of a gold and foreign currency national reserve. The bank also guarantees and preserves the stability of Jordan’s banking climate.
In the late 1950s, Jordan started making plans to create the Central Bank of Jordan (CBJ). In 1959, the CBJ passed legislation. Following that, on the first day of October 1964, its operating procedures began. The Jordan Currency Board, which had been created in 1950, was replaced by the CBJ. The CBJ’s capital, which is completely owned by the government, was steadily increased from one million to 18 million Jordanian Dinars. Despite the fact that the CBJ’s capital is completely controlled by the government, it has the status of an independent and autonomous corporate body.
“The Central Bank’s objectives shall be to preserve monetary stability in the Kingdom, to ensure the convertibility of the Jordanian Dinar, and to foster sustainable growth of the Kingdom’s economy in accordance with the government’s general economic policy,” according to the law creating the CBJ.