Key points of the regulations are summarized. The foreign exchange permit requirement which was in place for more than twenty years was made easier by the Central Bank in 1995. If the importer is seeking coverage from the banking system, a foreign exchange permit will have to be issued. The agency referral is a license issued to the importer by the relevant government ministry and acts as a prior import clearance. The Central Bank of Jordan exercises direct control over credit in the country.
Bank financing is dependent upon prevailing CBJ policy.
Many banks finance Letters of Credit on commercial basis. Once new regulations are put into effect, private commercial borrowing will be permitted to cover all types of business activities. It also promotes the bond market and establishes ties with financial institutions outside Jordan. Most local banks may finance local projects regardless of size. The Arab Bank was able to arrange a USD 50 million syndicated loan for the Jordan Phosphate Mines Company.