Bank deposits reach close to JD40b in first two months of 2022

(Photo: Ameer Khalifeh/Jordan News)
AMMAN — Total deposits in local banks grew by JD34.2 million during the first two months of the year over their number at the end of 2021, Khaberni said citing data released by the Central Bank of Jordan (CBJ).اضافة اعلان

The value of total deposits at the end of the first two months of 2022 reached JD39.55 billion, while at the end of 2021 it stood at JD39.52 billion, or a 0.08 percent increase.

The cash bank deposits consist of the money individuals or entities keep in banks, which pledge to return it, or part of it, according to the request and to the agreed-upon terms. There are three types of deposits: demand deposits, savings deposits, and term deposits.

The private sector deposits during the first two months of 2022 amounted to JD36.82 billion, compared to JD36.7 billion at the end of 2021, a 0.3 percent raise. The private sector deposits made up 93 percent of the total deposits.

The CBJ policy, which allows for a huge difference in the interest rate in favor of the Jordanian dinar, encourages banks and depositors to keep their money in the form of assets that are valued in the Jordanian dinar, as this is a main pillar of the monetary policy that protects the dinar, which is linked to the US dollar.

The public sector deposits increased by 0.9 percent, reaching JD995 million.

Jordanians working abroad who receive their salaries in foreign currency transfer part of their savings into dinars due to the interest rate that could reach 5 percent, depending on the amount.

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