Latest news with #LawNo.14
Saba Yemen
17-03-2025
- Business
- Saba Yemen
Central Bank of Sana'a Initiates Destruction of 13 Billion Yemeni Riyals in 100-Riyal Banknotes
Sana'a - SABA: The Central Bank of Yemen in Sana'a has initiated the process of destroying 13 billion Yemeni riyals in 100-riyal banknotes. During the inauguration, Ahmed Al-Jaafari, Director General of Issuance and Treasury at the Central Bank, explained that this destruction is authorized by Law No. 14 of 2000 governing the Central Bank of Yemen, which authorizes the withdrawal and destruction of damaged banknotes, as well as Administrative Decision No. 192 of 2010, which established the destruction committee. The process was approved by the Governor of the Central Bank on December 21, 2024 (20 Jumada al-Thani 1446 AH). He noted that the destruction process was necessary as the 100-riyal banknotes had deteriorated to an unacceptable level, causing numerous issues in transactions. This step follows the successful introduction of a 100-riyal coin, which has been circulated as a replacement for the damaged banknotes. Al-Jaafari confirmed that the first destruction plan has been prepared and approved for an initial amount of 13 billion riyals in 100-riyal banknotes, following a meticulous and systematic procedure. He pointed out that 40 million riyals in damaged 100-riyal notes are being destroyed daily. "For the first time since 2016, we have resumed the destruction process for 100-riyal banknotes using advanced and environmentally safe methods that meet the highest health and regulatory standards," he added. Regarding other damaged currency denominations, Al-Jaafari assured the public that the Central Bank is committed to addressing the issue and will take all necessary steps to serve the public interest and ease their struggles with deteriorating banknotes. The destruction process was attended by members of the supervisory committee overseeing currency disposal at the Central Bank. Whatsapp Telegram Email Print
Zawya
07-02-2025
- Business
- Zawya
Jordan: Cabinet increases Central Bank's capital to $140.9mln
AMMAN — The Cabinet, in its session on Wednesday, chaired by Prime Minister Jafar Hassan, approved arecommendation by the Board of Directors of the Central Bank of Jordan (CBJ) to increase the bank's capital to JD100 million, up from JD48 million. The decision aims to enhance the financial stability of the bank's capital base in line with its total assets, which reached JD19.3 billion by the end of 2024, including JD16.8 billion in foreign assets, accounting for 86.9 per cent of total assets, according to the Jordan News Agency, Petra. The decision came after the CBJ's foreign reserves reached $21 billion. The decision is in accordance with Article 8 of the Central Bank of Jordan Law No. 14 of 1971 and its amendments. The JD52-million increase will be transferred from the general reserve account to the capital account, Petra said. The CBJ has raised its capital three times before: in 1982 from JD2 million to JD6 million, in 1993 to JD18 million, and in 2013 to JD48 million. The Council of Ministers also approved a proposal from the Ministry of Transport to offer 50 per cent exemptions on licensing and permit fees to public transport operators. The decision, which will save operators some JD1.25 million,applies to large and medium-sized public transport buses, taxis, and service cabs regulated by the Land Transport Regulatory Commission, Petra added. The decision does not include the transport sector under the supervision and jurisdiction of the Greater Amman Municipality and the Aqaba Special Economic Zone Authority, as these entities are responsible for regulating transport within their own areas. The Cabinet also ordered the refund of any fees paid since January 2, before the decision was issued. The measure aims to support the public transport sector, which has been affected by regional political conditions and fluctuations in oil prices, impacting operators' financial obligations. The Cabinet also approved the establishment of a passenger transport support fund under the Passenger Transport Regulation Law, with the aim of developing and improving public transport services, ensuring regular and scheduled public transport, and enhancing its efficiency in line with the objectives outlined in the law. The Council of Ministers also decided to exempt 230 trucks and vehicles donated by the United Nations from all customs duties and general and special sales taxes. These vehicles will be used to support the Jordanian humanitarian corridor and provide aid to Gaza, reinforcing Jordan's relief efforts. This exemption follows a previous Cabinet decision to exempt 270 similar vehicles, bringing the total number of exempted trucks and vehicles to 500, including forklifts, according to Petra. The vehicles will be registered under the Jordan Hashemite Charity Organisation (JHCO) and will be operated jointly by the Jordan Armed Forces-Arab Army (JAF) and JHCO. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan News
05-02-2025
- Business
- Jordan News
Jordan's Cabinet Approves Raising the Central Bank's Capital to 100 Million Dinars - Jordan News
Jordan's Cabinet Approves Raising the Central Bank's Capital to 100 Million Dinars In its session held on Wednesday, chaired by Prime Minister Dr. Jaafar Hassan, the Cabinet approved the Jordanian Central Bank's Board of Directors' proposal to raise the bank's capital to 100 million Jordanian dinars, up from the current 48 million dinars. اضافة اعلان The decision aims to strengthen the financial soundness of the bank's capital base, in line with its assets, which reached 19.3 billion dinars by the end of 2024. Of these, foreign assets amount to 16.8 billion dinars, making up 86.9% of total assets, after the Central Bank's foreign reserves reached $21 billion. This adjustment will be made by transferring 52 million dinars from the general reserve account to the capital account, as per Article 8 of the Central Bank of Jordan Law No. 14 of 1971 and its amendments. This is the fourth increase in the bank's capital, following previous increases in 1982 (from 2 million dinars to 6 million), 1993 (to 18 million), and 2013 (to 48 million). Government Approves Transport Incentives and Support Fund The Cabinet also approved the Ministry of Transport's proposal to provide incentives to operators in the transport sector by exempting 50% of licensing and permit fees for the year 2025. This decision, which will save operators around 1.25 million dinars, applies to large and medium-sized public buses, taxis, and service cars working in areas under the jurisdiction of the Land Transport Regulatory Authority. It does not include the transport sectors regulated by the Greater Amman Municipality and the Aqaba Special Economic Zone Authority. The Cabinet also decided to create a "Passenger Transport Support Fund," aimed at improving and enhancing public transport services. The fund will contribute to developing transport facilities, supporting workers in the sector, and investing in passenger transport services, while addressing any future emergencies in the sector. The fund will also support the introduction of smart transport systems, modernize fleets, and provide grants and loans to operators. The fund is expected to have a positive economic and social impact by encouraging citizens to use public transport, especially for targeted groups such as university students, people with disabilities, and the elderly. It will also create job opportunities in the transport sector, supporting the overall development of the industry and encouraging women to participate in the workforce. Exemption for Vehicles Supporting Humanitarian Aid to Gaza Furthermore, the Cabinet approved the exemption of 230 trucks and vehicles donated by the United Nations Office from all customs duties and sales taxes to support the humanitarian corridor to Gaza. This is part of Jordan's ongoing efforts to assist Gaza's residents and support Jordan's relief efforts in the region. This decision follows a previous resolution exempting 270 trucks and vehicles, bringing the total to 500 vehicles (including cars and forklifts). These vehicles will be registered under the Jordanian Hashemite Charitable Organization and operated by the Jordanian Armed Forces and the organization.
Roya News
05-02-2025
- Business
- Roya News
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.
