Here is the converted article in markdown format:
Jordan’s Financial System Strengthens Risk Assessment Measures Amid Global Uncertainty
A Pillar of Stability
Amman, April 21, 2023 - Jordan’s banking sector has emerged as a vital pillar of its financial system, with authorities implementing measures to enhance resilience and oversight since the 2008-09 Financial Sector Assessment Program (FSAP). This strengthening comes as no surprise, given the sector’s critical role in supporting macroeconomic stability and maintaining the country’s dollar peg.
Resilience Amid Challenges
Despite facing numerous challenges including: * The Global Financial Crisis * The Arab Spring * War in Syria * Refugee influx * COVID-19 Jordan’s banking system has shown remarkable resilience. The authorities have taken proactive steps to address vulnerabilities and maintain financial stability, demonstrating their ability to withstand large shocks.
Current Pressures
However, global growth headwinds, rising energy and food prices, and sharply increasing interest rates are now putting pressure on non-financial sector balance sheets. Against this backdrop, the Jordanian government has emphasized the importance of effective risk assessment in finance, recognizing that a thorough understanding of potential risks is crucial to informing policy decisions.
Enhanced Risk Management
The country’s financial authorities have been working closely with international organizations to enhance risk management practices and strengthen regulatory frameworks. This collaboration aims to ensure that Jordan’s financial system remains robust and capable of weathering future economic storms.
In-Depth Analysis
This report provides an in-depth analysis of the current state of risk assessment in finance in Jordan, highlighting key challenges and opportunities for improvement. The findings are based on extensive research and consultation with industry experts and policymakers.
Full Report Available
The full report is available as a free download from this website.