The Association of Banks in cooperation with the Central Bank holds the economic press workshop.

Dr. Al-Mahrouq: The workshop aims to raise awareness of the technical significance of financial figures and to strengthen media partnership.

Dr. Al-Mahrouq: Monetary indicators confirm the strength and stability of the banking sector.

 

The Association of Banks announced its new logo which symbolizes the approach it will adopt in the coming period.

The design of the new logo came through a competition conducted by the association which honored its developers.

The honoring took place in the workshop held to develop journalistic skills in reading financial and monetary indicators in presence of local media representatives.

Dr. Al-Mahrouq stressed that the workshop aim is to raise awareness of the financial technical significance and to strengthen media partnership.

He stressed that the banking sector is a major supporter of economic growth through its direct and indirect interactions with other sectors.

He indicated that the banking sector assets are equal to 194% of GDP in addition to total bank deposits amounting to 126% of GDP and 97% of total facilities granted by banks to GDP in addition to a growth in the volume of banking facilities and productive sectors support.

He pointed out that monetary indicators confirm the banking sector strength and stability adding that the sector is witnessing a development in digital transformation in implementation of the financial inclusion strategy as the required transformation has been achieved before the specified period.

Dr. Al-Mahrouq confirmed that the association has approved a new strategy that supports and maximizes its role especially in the areas of training, data dissemination and clear and direct re-presentation in addition to activating committees.

He said that the association runs investment opportunities meetings through government projects such as the national carrier noting that the association is in the process of organizing two meetings with the Minister of Energy and the Mayor of Greater Amman.

He called for strengthening partnership with the media extending his thanks to it along with the Central Bank for its role in organizing the workshop.

In turn, the Assistant Director of the Research and Studies Department at the Central Bank, Dr. Muhammad Khreisat, reviewed the difference between monetary and fiscal policies noting that the Central Bank’s role is limited to monetary policy while the Ministry of Finance is responsible for the fiscal one.

Dr. Khreisat referred to the Central Bank role in pumping financial liquidity, the one-night repurchase agreements that come at the request of banks, interest rates, mandatory reserves, the volume of reserves in the Central Bank and other monetary tools.

He gave an extensive explanation of the monetary policy operational framework adopted by the Central Bank in mid-2007 in accordance with the Credor System for interest rates where the overnight repurchase rate is the highest, and the deposit window interest rate is the lowest.

He pointed out to the Dinar exchange rate of 709 fils per dollar which positively Impacted the local economy.

He highlighted the Ministry of Finance role, the financial policy and its tools as well as its formulation.

Beneficiaries received certificates at the end of the workshop.