Jordan Daily – The total deposits in local banks during the first 11 months of 2021 grew by JD2.23 billion, compared to the same period in 2020, according to numbers issued by the Central Bank of Jordan (CBJ).
The value of total deposits at the end of the first 11 months of 2021 amounted to JD39 billion, while they stood at JD36.7 billion in the corresponding period of 2020, registering a 6 percent increase.
As for the private sector, deposits during the first 11 months of 2021 amounted to about JD36.36 billion, compared to JD34 billion at the end of 2020, marking 6.8 percent increase. Private sector deposits make up 93.1 percent of the total deposits.
The CBJ’s policy of allowing large interest rate differentials in favor of the Jordanian dinar encourages banks and depositors to keep funds in the form of assets dominated by the dinar, as one of the main pillars of monetary policy is the defense of the dinar.
Public sector deposits declined to JD2.66 billion in the first 11 months of 2021, compared to JD2.75 billion at the end of 2020, marking a 3.1 percent decrease, and 6.8 percent of the total deposits.
Central government deposits (within the public sector) grew by 4 percent, to JD982 million.
Jordanian expatriates who receive their income in hard currency convert part of their savings into dinars due to interest rates that may reach 5 percent, depending on the amount.
