Central Bank Organizational Structure:

·           The senior management of the Central Bank of Jordan (CBJ) comprises of a Board of Directors headed by the Governor, two Deputy Governors and five other members appointed by decision of the Cabinet according to provisions of the Bank Law. The Board assumes many responsibilities at the top of which are drawing policies, bylaws and internal regulations. The Governor is the chief executor of the Bank’s policy and manager of its businesses. The two Deputies assist the Governor in carrying his/her duties.

·           To facilitate operations of licensed banks, government institutes and departments with CBJ, the Central Bank opened two branches one in Irbid and another in Aqaba.

·           To enable the CBJ to achieve its objectives for which it was established, an administrative organization evolved by which duties and tasks are divided amongst administrative units (departments) each with specific responsibilities and authorities to complement achieving the objectives and tasks that the CBJ strives to achieve. The above-mentioned departments and their duties, are as follows:

1.        Banking Department:

This Department’s main aim is to execute the duty of CBJ as a banker and fiscal agent to the government and public institutions as it maintains their revenue and expenditure accounts. In addition, the CBJ acts as a bank for licensed banks, financial institutes and specialized credit institutes through maintaining and managing government and public institutions’ accounts and those of licensed banks and financial institutes.  

2.        Currency Issue Department:

Supervise money printing and coining, as well as issuing and recovering Jordanian bank notes. The Department supervises and manages the Museum of Currency. متحف المسكوكات

3.        Public Debt and Credit Department:

The Department mainly extends credit to the Treasury (government), licensed banks, financial institutions and specialized credit institutions according to instructions and enacted laws. The Department also rediscounts securities and promissory notes and any other credit documents accepted by the CBJ. In addition, the Department manages and supervises issuing securities, public institutions securities and treasury securities according to provisions of the Public Credit Law and the rules and regulations in force.

4.        Open Market Operations Department:

The Department is entrusted to execute decisions related to monetary interference in deposit certificates and public credit tools. In addition, the Department follows on executing sound recommendations for the development of monetary policies through indirect means.

5.        Investments and Foreign Operations Department:

Maintains preserving and managing the CBJ assets in gold and foreign currency. The Department also executes financial and banking operations with international, regional and Arab financial institutions. In addition to all this, the Department executes foreign operations on behalf of CBJ or its agents. Furthermore, it also follows on the relations of CBJ with its accredited correspondents abroad, and monitors credit risks resulting from these operations.

6.        Banking System Supervision Department:

Checking on operations and performance of the banking system institutions and the soundness of their monetary status within regulations, instructions and enacted bank ethics to ensure banking and monetary stability.

7.        Money Exchange Supervision Department:

It is the duty of this Department to ensure that money exchange offices are compliant to the provisions of the Money Exchange Law and all regulations and instructions issued by virtue of this Law as well as other laws and instructions of relevance.

8.        Research Department:

The mission of this Department is to enable CBJ to draw its general monetary and banking policies based on scientific foundations. The Department also contributes, within means of its specialization, to executing the general policy of the government in areas of economic development. In addition, the Department monitors the economic and monetary development in and out of the country and regulates the Kingdom’s relations with international, regional and Arab financial institutions. Among its tasks, the Department of Research also publishes information of value on monetary and economic conditions in the Kingdom and abroad. The Department oversees a specialized library with many periodicals and resources on monetary, financial and economic issues.

9.        Internal Audit and Regulation Department:

The task of this Department is to validate CBJ records and confirm that laws, regulations and instructions relevant to CBJ operations are appropriately applied. The Department also sees to the development and modernization of financial, technical and administrative methods adopted at CBJ.

10.   Personnel Department:

The Department is to apply all rules and regulations on personnel and employees at CBJ and any other instructions issued by virtue of these rules. In addition, the Department draws administrative development plans and programs, provides CBJ with needed employees and follows up on all other issues related to personnel.

11.   Administrative and Finance Affairs Department:

The Department handles CBJ needs of supplies, appliances and materials and oversees their maintenance. The Department also prepares annual budgets and profit and loss accounts and other accounts, which demonstrate CBJ financial standing as well as providing necessary services.

12.   Computer Department:

It is the responsibility of this Department to realize automation of all CBJ operations by using most up-to-date methods, procedures and criteria. The Department also pursues maintenance agreements, technical support of systems and operating systems, maintains safety and security of machinery, software charts and users.

·            In addition to all the above-mentioned, CBJ holds many other specialized offices among which are the Clearance Office and Legal Consultations Office. There are also a number of permanent committees chaired by the Governor or one of his/her deputies with specified administrative and technical duties such as, Investment Committee, Open Market Operations Committee, Public Credit and Loan Committee and Personnel Committee.