As the economy grows despite major headwinds, Adel Sharkas, Governor of the Central Bank of Jordan, explains how he plans to keep the momentum going.
Global Finance: How does the Jordanian economy overcome global and regional turmoil?
Adel Al-Sharkas: The Jordanian economy has shown resilience despite recurring waves of global and regional unrest. Real GDP grew by 2.9% in 2023 and 2.5% in 2024, and is expected to reach 2.7% in 2025. These results are notable given the high uncertainty, weak global demand, and disruption of trade routes, which underscores Jordan’s ability to maintain growth under difficult conditions.
This flexibility is rooted in Jordan’s ability to transform external shocks into incentives for reform and diversification. Guided by the Economic Modernization Vision 2023-2033, the country has developed infrastructure projects, digital transformation, green energy and human capital development. Jordan has completed 99 structural benchmarks across four IMF programs – including the ongoing Extended Fund Facility – enhancing international confidence and macroeconomic stability. Export diversification, energy security and strong international support have enhanced stability and growth prospects, positioning Jordan for sustainable and inclusive development.
GF: What measures has the Central Bank of Jordan taken to promote growth and financial stability?
Al-Sharkas: The Central Bank of Jordan has played a major role in protecting the resilience of the economy in the face of recurring external shocks. We did this by maintaining a strong monetary and fiscal framework, a reliable exchange rate regime, strengthening the banking sector, and promoting structural reforms. To stimulate growth and reduce unemployment, the Central Bank of Jordan launched targeted financing programs at preferential rates to support vital sectors.
We have also partnered with international and regional organizations, such as the World Bank and the Arab Fund for Economic and Social Development, to provide soft loans at affordable prices to banks and microfinance institutions that support micro, small and medium enterprises. Enhancing access to finance for micro, small and medium enterprises remains the cornerstone of the financial inclusion strategy. On a regulatory level, the Central Bank of Jordan enforces standards across the sector. More importantly, there is a macroprudential policy framework to mitigate systemic risks and protect stability.
GF: How are Jordanian banks performing amid the current economic uncertainty?
Al-Sharkas: The Jordanian banking sector continues to demonstrate resilience, supported by strong financial and monetary fundamentals. Total assets increased by 5.6% year-on-year in June 2025 to reach 71.4 billion Jordanian dinars ($100.7 billion). Deposits amounted to 48.2 billion dinars, while credit facilities increased by 3.9% to 35.5 billion dinars. Financial soundness indicators remain strong. At the end of 2024, the capital adequacy ratio was 18%, well above the Basel III requirement of 10.5%. Liquidity remained strong, reaching 144.7% against the required ratio of 100%. Non-performing loans were contained at 5.6%, with a coverage ratio of 74.5%. Profitability also improved, with return on assets reaching 1.1% and return on equity at 9.1%.
GF: What are the main challenges you face?
Al-SharkasMonetary stability is our main goal despite external shocks. The Central Bank of Jordan aims to consolidate economic flexibility by maintaining the Jordanian dinar’s peg to the US dollar, maintaining strong reserves and containing inflation. Looking to the future, the Central Bank of Jordan is working to adapt to structural transformations with technological transformation, cybersecurity, climate risks, and sustainable finance as our main priorities.
GF: What role do you see for cryptocurrencies and fintech in the Jordanian financial system?
Al-Sharkas: Fintech and digital currencies have become an integral part of financial systems around the world. In Jordan, we see these technologies as an opportunity to enhance financial inclusion, improve access to financial services, and increase efficiency across banking and business operations. As we embrace digital transformation, the integration of information and communications technology (ICT) within financial institutions has increased, leading to increased efficiency in service delivery. Amidst these transformations, the Central Bank of Jordan formulated a vision: “Supporting economic growth, resilience and prosperity for all Jordanians by making Jordan a regional hub for FinTech innovation, enhancing inclusion, improving efficiency and enhancing customer experiences.”
