Cabinet approves capital increase for Central Bank to JD 100 million
The Cabinet has taken decisive steps to strengthen Jordan's financial framework and public transport sector during a meeting on Wednesday, Jordan News Agency (Petra) reported.
One of the key decisions made was to increase the capital of the Central Bank of Jordan (CBJ) from JD 48 million to JD 100 million.
This move is a response to the bank's expanding asset portfolio, which reached JD 19.3 billion by the end of 2024, with foreign assets accounting for JD 16.8 billion, representing 86.9 percent of total assets. This development follows a notable rise in Jordan's foreign reserves, now totaling USD 21 billion.
The capital boost of JD 52 million will be allocated from the general reserve to the capital account, adhering to Article 8 of the Central Bank of Jordan Law No. 14 of 1971 and its amendments. This marks the CBJ's fourth capital increase in its history, with previous increments occurring in 1982, 1993, and 2013.
In addition to the capital increase, the Cabinet approved a 50 percent exemption on licensing and permit fees for public transport operators for 2025, a measure anticipated to save the sector around JD 1.25 million. This exemption applies to large and medium public transport buses, taxis, and service vehicles regulated by the Land Transport Regulatory Commission (LTRC), although services under the Greater Amman Municipality (GAM) and the Aqaba Special Economic Zone Authority (ASEZA) are excluded. Operators who have already paid the fees for 2025 will be eligible for refunds.
These initiatives aim to provide crucial support to the public transport sector amidst economic challenges, geopolitical uncertainties, and fluctuating fuel prices. Furthermore, the government approved the creation of a Passenger Transport Support Fund, designed to enhance public transport services.
The fund will focus on financing sector development, supporting transport workers, promoting smart transport systems, and modernizing the vehicle fleet through grants and loans. It aims to improve accessibility for university students, individuals with disabilities, and the elderly while encouraging increased workforce participation, particularly among women.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Roya News
2 days ago
- Roya News
'Israel' arms exports hit all time high in 2024
'Israel's' defence ministry said Wednesday that its arms exports hit an all-time high of more than USD 14.7 billion in 2024, with a sharp rise in deals with Arab Gulf states, despite international criticism of 'Israel's' ongoing war on the Gaza Strip. "Israel again reached an all-time peak in defence exports in 2024, marking the fourth consecutive record-breaking year in the scope of defence agreements," the ministry, which oversees and approves the exports of 'Israel's' defence industries, said in a statement.
Roya News
2 days ago
- Roya News
Vanuatu considers stripping Andrew Tate of golden passport
Vanuatu's government is reviewing the citizenship status of influencer Andrew Tate after revelations surfaced that he secured a 'golden passport' from the Pacific island nation just as he was being arrested in Romania on serious criminal charges. Tate, a controversial online figure known for his self-declared misogyny and luxurious lifestyle, was granted Vanuatu citizenship in December 2022 under a fast-track program for foreign investors. At the time, he and his brother Tristan were taken into custody in Romania on accusations of rape and human trafficking—allegations they continue to deny. The passport program, which allows individuals to acquire Vanuatu nationality by investing at least USD 130,000 in the country, has drawn scrutiny for its security vulnerabilities. In late 2024, the European Union revoked Vanuatu's visa-free travel privileges, citing concerns that the scheme could be exploited by individuals with criminal backgrounds. A Vanuatu government spokesperson confirmed the matter is under active review. 'Once we have the files, definitely, the processes will be in place to revoke his citizenship,' said Kiery Manassah, speaking to ABC News. 'The government does not want to encourage people of questionable backgrounds to be granted citizenship,' he added. 'Those who are wanted by their countries or who are investigated by police authorities from overseas are not welcome to be part of the citizens of Vanuatu.' An investigation by the Organised Crime and Corruption Reporting Project (OCCRP) revealed the timing of Tate's citizenship application coincided with his arrest, raising concerns about how such programs are monitored. 'It's caused a lot of alarm because it's one of those loopholes that allows people to get a new passport or even a new identity and be able to evade law enforcement,' said Aubrey Belford, Pacific lead editor at OCCRP. Vanuatu, which does not have an extradition treaty with Romania, issued the passport to Tate in the same month he was detained in Europe. It remains unclear whether Tristan Tate also obtained citizenship through the same route. Beyond his legal issues, Andrew Tate has amassed millions of followers online by flaunting wealth and espousing toxic ideologies, particularly targeting women. His digital influence has alarmed educators and government bodies, including those in the UK, for encouraging misogynistic attitudes among boys and young men. Both brothers were born in the US and raised in the UK, where authorities are now pursuing their extradition on separate charges filed in 2024, including rape, human trafficking, and assault related to incidents from 2012 to 2015. Their legal team has said they will face the UK charges once the Romanian judicial process concludes. A Romanian court has ruled that extradition to the UK may proceed following any trial there.
Jordan News
2 days ago
- Jordan News
2.234 million visitors to Jordan in 5 months - Jordan News
The tourism sector has witnessed sustained growth during the first five months of 2025, marked by an increase in the number of international visitors and a rise in tourism revenues, compared to the same period in 2024, according to data from the Central Bank of Jordan and the Ministry of Tourism and Antiquities. اضافة اعلان According to the monthly report issued by the Ministry, the total number of international visitors from January to May 2025 reached approximately 2.696 million, reflecting a 20.6% increase compared to the 2.234 million visitors during the same period in 2024. Tourism revenue during the first four months (January–April) of 2025 reached approximately 1.721 billion Jordanian dinars, marking a 15.3% increase compared to the 1.493 billion dinars recorded in the same period of 2024. The number of overnight tourists from January to May 2025 rose to 2.233 million, compared to 1.919 million in the same period of 2024, an increase of 16.4%. Same-day visitors also saw a significant rise, reaching around 462,000 visitors compared to 315,000 in 2024 — a growth of 46.6%. The report revealed that the highest growth in overnight tourists during the first five months of 2025 came from the Asia-Pacific region, with a staggering 101.5% increase. This was followed by European countries with 53.8%, African countries with 33.8%, American countries with 27.0%, and Arab countries with 26.6%. In May 2025 alone, the Kingdom welcomed about 571,000 international visitors, up 27.1% compared to 449,000 visitors in May 2024. Tourism revenue in April 2025 increased by 34.2%, reaching 503.6 million Jordanian dinars, compared to 375 million dinars in April 2024. This positive performance is attributed to various initiatives by the Ministry of Tourism and Antiquities, including the development of tourism products, infrastructure improvements, enhancing the visitor experience, and expanding marketing campaigns to promote diverse tourism offerings in new markets. The growth is largely credited to targeted promotional campaigns in promising global markets, the resumption of several direct and low-cost flights, and improved accessibility to Jordan's tourist destinations. The Ministry continues to implement a comprehensive strategic plan aimed at achieving sustainable growth in the sector, increasing its contribution to the GDP, generating new employment opportunities, and enhancing the national economy. It also seeks to establish Jordan as a world-class tourist destination, promoting it as a country rich in historical, religious, and natural sites.
