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The Role of Central Bank of Jordan in Economic Development

Author

Listed:
  • Dr. Khaled Abdalla Moh'd AL-Tamimi*

    (Associate professor Department of Financial and Administrative Sciences Irbid University College Al-Balqa' Applied University, Jordan)

  • Dr. Mohammad Sulieman Jaradat

    (Associate professor Department of Banking and Financial Sciences Ajloun National University, Jordan)

  • Dr. Ashraf Mahammad Al-Rjoub

    (Associate Professor Department of Financial and Administrative Sciences Irbid University College Al-Balqa' Applied University, Jordan)

Abstract

The main purpose of this research is to study and highlight that central bank of Jordan (CBJ) plays an important role in economic development. The objective of the financial organization shall be to keep up financial and money stability, to confirm the interchangeability of the Dinar, and to contribute in achieving the banking and money stability within the Kingdom likewise as promoting sustained economic process in accordance with the overall economic policies of the government. To achieve the above- mentioned objectives, CBJ assumes many tasks portrayed in drawing and implementing the financial policy within the Kingdom through an integrated system of monetary policy instruments, setting a evaluation policy of the Dinar compatible with the Jordanian economy, maintaining and managing the Kingdom’s reserves of gold and foreign currencies, regulation credit within the Jordanian economy so as to realize financial and money stability likewise as comprehensive economic process, and issue and regulation bank notes and coins. Subsequently, the central bank plays necessary role within the economic resource allocation of the country. The banking industry may be a major issue that affects the organization of social and economic life cycle within the economies of the planet. it is thought about as associate degree indicator of economic and social growing.. Also, developed financial set up ought to be characterized by the existence of a contemporary and complicated banking industry that contributes to achieving economic balance. It conjointly encourages domestic and foreign investment through the banking system’s ability to states. The aim of the banking industry is to draw in savings domestically and abroad, and direct those savings into productive investment. As a result, this contributes to the accomplishment of economic and social development method, and conjointly facilitates investment activity.

Suggested Citation

  • Dr. Khaled Abdalla Moh'd AL-Tamimi* & Dr. Mohammad Sulieman Jaradat & Dr. Ashraf Mahammad Al-Rjoub, 2019. "The Role of Central Bank of Jordan in Economic Development," International Journal of Economics and Financial Research, Academic Research Publishing Group, vol. 5(10), pages 221-226, 10-2019.
    • Handle: RePEc:arp:ijefrr:2019:p:221-226
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    References listed on IDEAS

    as
    1. Akins, Brian & Li, Lynn & Ng, Jeffrey & Rusticus, Tjomme O., 2016. "Bank Competition and Financial Stability: Evidence from the Financial Crisis," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(1), pages 1-28, February.
    2. Imad Kutum & Khaled Al-Jaberi, 2015. "Jordan Banks Financial Soundness Indicators," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 4(3), pages 44-56, July.
    3. repec:bla:ecnote:v:32:y:2003:i:1:p:37-66 is not listed on IDEAS
    4. Helmut Wagner, 2010. "The causes of the recent financial crisis and the role of central banks in avoiding the next one," International Economics and Economic Policy, Springer, vol. 7(1), pages 63-82, May.
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