RAMALLAH, September 15, 2014 – (WAFA) – The Palestinian Monetary Authority (PMA) signed a memorandum of understanding with the Central Bank of Jordan on cooperation in banking supervision, said the PMA Monday in a press release.

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,” said the PMA in a press release.

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% 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 Governor of the Central Bank of Jordan Ziad Fariz and Governor of the PMA Jihad Al Wazir in the presence of the Jordanian Minister of Finance Umayya Toukan and Jordanian Minister of the International Cooperation Ibrahim Saif and the Chairmen of the Boards of Jordanian banks operating in Palestine.

K.F./T.R.