AMMAN: The Lower House on Tuesday endorsed a ban on foreign currency exchange companies seeking to open branches in Jordan.
The decision, approved during a session chaired by Deputy Speaker Ahmad Safadi and attended by several ministers, is consistent with the Parliament’s Economic and Investment Committee’s recommendation to delete the article in the Banking Act that allows these firms to open branches in the Kingdom.
The House has endorsed the 2015 Banking Act that sets the terms of licensing foreign exchange companies in Jordan and expands the Central Bank’s jurisdiction through circumscribing percentages and imposing limitations to ensure the soundness of their financial status.
The law also aims to regulate the management of these companies and terms of their operations in addition to activating the role of chartered accountants in auditing the work of these firms.
