Amman- 27 October 2019
Students from the School of Applied Humanities and Languages (SAHL) at the German Jordanian University (GJU) visited Central Bank of Jordan on Thursday, October 24, 2019. The trip aimed to introduce students enrolled in the GEBC course Overview: Politics & Institutions to the followed monetary policies in Jordan.
SAHL students were welcomed by employees at the Central Bank of Jordan and then accompanied to a meeting room at the bank’s main building. Once the students were seated in the meeting room, they were invited to watch a brief video about the Central Bank of Jordan and its main functions as a regulatory authority.
Thereafter, Dr. Ibrahim Nasser, Head of Monetary Policy Division at the Central Bank of Jordan gave a brief presentation about the followed monetary policies in Jordan and the role of the Central Bank in ensuring that these policies are implemented at a consistent level.
Dr. Nasser added that Jordan’s political location in the region makes the Central Bank’s job a challenging one in terms of maintaining the attractiveness of the Jordanian Dinar and safeguarding its monetary reserves.
Moreover, he explained how Jordan has succeeded in combating the global economic crisis by finding opportunities for its citizens in the form of mini-projects, supported small enterprises, and facilitated loans in cooperation with local banks and government institutions.
As a regulatory authority, Dr. Nasser said that the Central Bank acts as a regulatory and monitoring division for all banks “It is the lender of the last resort”. With no political role, the Central Bank aids the country by offering a sustainable cash flow and setting a well- studied interest rate ceiling and floor for banks based on a corridor system utilized by the bank.
Furthermore, Dr. Nasser urged students to read data on money-related issues which are frequently updated and disclosed by the bank to get accurate information regarding the country’s current debt and money operations. He advised them that they should search for data rather than listen to false rumors and receive wrong information since data is available and within their reach.
Besides, the students were given a chance to ask questions regarding the role of the Central Bank and the financial situation Jordan is experiencing amidst the current political turmoil in the region.
The visit was concluded by a group photo with Dr. Nasser and a short tour of the bank’s currency museum.
