JSF: Jordanian banking sector is 2nd most stable country

[04-12-2022 04:13 PM]

Ammon News - A policy paper issued by the Jordan Strategy Forum (JSF), showed that banking sector in Jordan is the second most stable country” out of 165 countries” after Luxembourg, which ranked the first, according to data issued by the International Monetary Fund (IMF).

The IMF's data measures the probability of failure of the banking system by calculating what is known as the “Z-Score.”

The policy paper issued entitled “Banks Operating in Jordan: December 4th is the International Banking Day”, It aims to provide some observations on the performance of banks operating in Jordan, and to determine the degree and rank of the Jordanian banking sector on the financial development index issued by the IMF.

The paper reviewed the finical system importance in relation to economic growth and development.

With regard to the credit facilities granted to the private sector, the paper showed that the building and construction sector acquired the highest percentage of the total credit facilities granted during the period “2018-2021”; With a rate of 25.7%.

The importance of the role of banks in the Amman Financial Market while the paper issued by the JSF indicated that the number of Jordanian banks listed on the Amman Stock Exchange (ASE) reaches 14, making these banks an important part of the Jordanian capital market, as their total profits before tax equals “59.9%” of the total profits of all companies listed on the ASE “2019-2021”, the JSF added.

The forum pointed to the decline in Jordan's performance on the financial development index over the past four decades, as Jordan's ranking declined from “6th” in 1980 to “68th” in 2020 globally.

In order to improve Jordan's performance on the financial development index, the JSF stressed the importance of implementing the economic modernization vision initiatives that include 8 main economic engine, including the "future services engine" that includes a number of initiatives related to markets and financial services.

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