AMMAN, Sept. 17 (Petra) – The Council of Ministers has decided to extend the tenure of Adel Al-Sharkas as Governor of the Central Bank of Jordan (CBJ) for an additional five-year term, cementing continuity at the helm of the Kingdom's monetary authority.

The reappointment reflects state confidence in the central bank's trajectory under Al-Sharkas, whose first term was marked by structural milestones that insulated the domestic economy against severe regional and global headwinds while preserving monetary and financial stability.

Despite exceptional geopolitical and economic volatility over recent years, the central bank successfully defended the stability of the Jordanian Dinar and its purchasing power. This macroeconomic defense was heavily reinforced by a historic surge in the bank's foreign currency reserves, which climbed to an unprecedented $28.4 billion by the end of August, compared with $18 billion at the close of 2021. Concurrently, inflation remained subdued and stable, averaging 2 percent annually ranking among the lowest rates in the region.

Amid shifting regional dynamics, the CBJ deployed a proactive 760-million-dinar intervention package in 2026 to mitigate external shocks and support vulnerable economic sectors. Financial soundness indicators continued to reflect robust commercial banking performance, underpinned by high capital adequacy, statutory liquidity, and sophisticated prudential oversight.

A landmark achievement of Al-Sharkas’s inaugural term was Jordan’s formal exit from the Financial Action Task Force (FATF) grey list in October 2023, following the successful execution of action plans to upgrade the national anti-money laundering and counter-terrorism financing architecture, thereby enhancing the global standing of Jordan's financial system.

In the sphere of financial modernization, the central bank advanced digital innovation through the implementation of the National E-Payments Strategy, the creation of the Jordan Fintech and Innovation Center, and the establishment of a digital regulatory sandbox. These efforts paralleled the rollout of the National Financial Inclusion Strategy and the pioneering Green Finance Strategy–the first of its kind in the MENA region–cementing Jordan's regional leadership in sustainable finance. Furthermore, the central bank successfully integrated and overhauled the regulatory framework governing the insurance sector to enhance transparency and safeguard policyholder rights.

Al-Sharkas originally assumed the governorship on January 10, 2022, after serving as Deputy Governor from 2012 to 2022. Having commenced his professional career at the central bank in 1991, he advanced through various executive roles, notably heading the Research Department as Executive Director before ascending to top leadership.

//Petra// AA