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24-570: As of December 2012, 48 companies were listed on the PEX, with a total market capitalization of about US$ 3 billion in five main areas: financial services, insurance, investments, industry, and services. Most of the listed companies trade in Jordanian dinars or in US dollars . The PEX is open Sunday to Thursday between 9.45 a.m. and 1 p.m. throughout the year. It is closed on Friday, Saturday, public holidays and

48-612: A 60-person royal commission to draft a reformist document named the National Charter. The National Charter sought to set a timetable for democratization acts. Although most members of the commission were regime loyalists, it included a number of opposition figures and critics. Parliamentary elections were held on 8 November 1989, the first in 22 years (since 1967 ). The National Charter was drafted and ratified by parliament in 1991. Prince Ra'ad bin Zeid , Hussein's cousin who

72-498: A bid to increase revenues per an agreement with the International Monetary Fund (IMF). The IMF agreement was to enable Jordan to reschedule its $ 6 billion debt, and obtain loans totaling $ 275 million over 18 months. On 18 April, riots from Ma'an spread to other southern towns like Al-Karak and Tafila , where The New York Times reported that around 4,000 people gathered in the streets and clashed with

96-582: A parliament from both banks of the Jordan River . Jordan's disengagement from the West Bank (renouncing claim of sovereignty and cutting administrative links) the previous year in July 1988, proved to be depressing for the economy. Jordan's foreign debt was double that of its gross national product (GNP). Jordan was combating an economic crisis with austerity measures, Western economists attributed

120-670: A while. In 1949, it passed the Provisional Act No. 35 of 1949, which established the Jordan Currency Board as the sole authority in the kingdom entitled to issue Jordanian currency, called the Jordanian dinar. The Board was based in London and consisted of a president and four members, and began issuing Jordanian dinars in 1949 and was exchangeable for Palestinian pounds at parity. After Jordanian occupation of

144-898: Is also widely used in the West Bank alongside the Israeli shekel . In 1927, the British administration of the Palestinian Mandate established the Palestine Currency Board which issued the Palestine pound which was the official currency in both Mandatory Palestine and the Emirate of Transjordan . Though Jordan became an independent kingdom on 25 May 1946, it continued to use the Palestinian pound for

168-426: Is the sole authority to issue Jordanian banknotes since its establishment in 1964. It released into circulation its first series of Jordanian notes on August 4, 1965. From 1949 to 1965, currency issue was entrusted in the Jordan Currency Board. Before 1949, the Palestinian pound was used. In 1949, banknotes were issued by the Jordan Currency Board in denominations of 1 ⁄ 2 , 1, 5, 10 and 50 dinars. They bore

192-485: The police . 6 protestors were killed, and 42 were injured, while 2 policemen were killed and 47 were injured in the clashes. Despite the fact that the protests were triggered by a troubling economic situation, the crowd's demands became political. Protestors accused the government of rampant corruption, and demanded that the prime minister Zaid Al-Rifai be sacked; martial law be lifted; the electoral laws be reformed; and restrictions on freedom of expression and freedom of

216-575: The West Bank in April 1950, the dinar replaced the Palestinian pound. On 1 July 1950, the Jordanian dinar became the kingdom's official currency and legal tender . The use of the Palestine pound ceased in the country on 30 September 1950. The Central Bank of Jordan was established in 1959 and took over note production in 1964. In 1967, Jordan lost control of the West Bank, but the Jordanian dinar continued to be used there. It continues to be widely used in

240-508: The West Bank alongside the Israeli shekel . In 1988 and 1989, the dinar depreciated substantially due to mounting foreign debts in the kingdom. During that time, there were protests across the country . Coins were introduced in 1949 in denominations of 1, 5, 10, 20, 50 and 100 fils. The first issue of 1 fils were mistakenly minted with the denomination given as "1 fil". 20 fils coins were minted until 1965, with 25 fils introduced in 1968 and 1 ⁄ 4 dinar coins in 1970. The 1 fils coin

264-616: The country's official name, "The Hashemite Kingdom of the Jordan". 20 dinar notes were introduced in 1977. The 50 dinar note was redesigned and the 1 ⁄ 2 dinar notes were replaced by coins in 1999. 1368 (Hijri) 1371 (Hijri) 1965 Three Roman columns in Jerash Olive grove August 25, 1990 (Blue) Since October 23, 1995, the dinar has officially been pegged to the IMF 's special drawing rights (SDRs), while in practice it

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288-534: The crisis due to government overspending. The Jordanian dinar had lost a third of its value in 1988. An IMF statement read: "Jordan agreed to strengthen foreign reserves, reduce inflation through tight credit policies and improve the current account balance. It also pledged to reform the tax system and reduce its budget deficit." On 16 April, the Government increased prices of gasoline, licensing fees, alcoholic beverages and cigarettes, between 15% and 50%, in

312-484: The currency of Jordan since 1950. The dinar is divided into 100 qirsh (also called piastres ) or 1000 fulus . Fils are effectively obsolete; however, monetary amounts are still written to three decimal places representing fils. It is pegged to the US dollar. The Central Bank of Jordan commenced operations in 1964 and became the sole issuer of Jordanian currency, in place of the Jordan Currency Board. The Jordanian dinar

336-713: The development of the legal structure of the securities sector in Palestine, particularly the issuance of the Securities Law No. (12) of 2004 and the Capital Market Authority Law No. (13) of 2004, the Palestine Capital Market Authority (CMA) took over the supervision of the PEX and issuing securities by public companies. Jordanian dinar The Jordanian dinar ( Arabic : دينار أردني ‎ ; code : JOD ; unofficially abbreviated as JD ) has been

360-415: The first in 22 years, and the National Charter was drafted in 1990. Some Arab countries, primarily Saudi Arabia, were apprehensive about Jordan's democratization. A general election took place in 1967 just before Jordan lost the West Bank , and when the parliament's tenure ended in 1971, no elections could be held due to the fact that the West Bank was under Israeli occupation . In 1984, Hussein appointed

384-413: The government cut food subsidies, increasing food price. Demonstrations and riots quickly reached neighboring southern towns. Protestors accused the government of rampant corruption, and demanded that the prime minister Zaid Al-Rifai lose his job; martial law be lifted; the electoral laws be reformed; and restrictions on freedom of expression and freedom of the press be removed. The Jordanian economy

408-452: The last working day of the fiscal year. About ten stockbroker firms are authorised to place orders and process financial products on the PEX. The PEX has been a private entity since its founding. As of 2013, only shares had been traded on the PEX, although it supports including other securities . About half of the PEX's investment comes from Palestinian companies, with the other half being from other countries. The Palestine Exchange (PEX)

432-459: The press be removed. Hussein relented to the demands by dismissing Zaid Al-Rifai, and appointing Zaid ibn Shaker to form a new government. In 1986 a new electoral law was passed, thus the decision to reintroduce parliamentary elections went smoothly. The cabinet passed amendments to the electoral law that excluded articles dealing with West Bank representation. In May 1989 just before the elections, Hussein announced his intentions of appointing

456-555: The trading and settlement and clearing systems. By August 1996, the PEX was fully operational, and on 7 November 1996 the PEX signed an operating agreement with the PA, allowing for the licensing and qualification of brokerage firms. On 18 February 1997, the PEX conducted its first trading session. The PEX launched an e-trading portal on 24 April 2007. The PEX is a member of the Federation of Euro-Asian Stock Exchanges (FEAS). In 2005, with

480-482: Was Lord Chamberlain of Jordan, later said in an interview about Jordan's 1989 moves towards democracy: Many Arab leaders were not pleased about this. They felt that King Hussein was letting the genie out of the bottle. In addition, they accused him of interfering indirectly in their domestic politics. They were especially critical of the notion of citizens' rights. The Saudis and others felt that Shari'a law included that. They were apprehensive. They did not understand

504-615: Was fixed at 1 U.S. dollar = 0.709 dinar most of the time, which is approximately 1 dinar = 1.41044 dollars. The Central Bank buys U.S. dollars at 0.708 dinar per dollar, and sells U.S. dollars at 0.710 dinar per dollar. A sample exchange rate of Jordanian dinars to US dollars: 1989 Jordanian protests Tribal leaders Muslim Brotherhood figures King Hussein Zaid Al-Rifai The 1989 Jordanian protests ( Arabic : هبة نيسان , April boon) started in Ma'an on 18 April after

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528-555: Was incorporated as a private shareholding company in early 1995, with the Palestine Development & Investment Company (PADICO) as its major shareholder. The Palestinian Authority (PA) approved the PADICO-sponsored design and work plan in July 1995, and a project team was put together by the PEX to establish a fully electronic exchange and depository. EFA Software Services, a Canadian company, provided both

552-645: Was last minted in 1985. In 1996, smaller 1 ⁄ 4 dinar coins were introduced alongside 1 ⁄ 2 and 1 dinar coins. Until 1992, coins were denominated in Arabic using fils, qirsh, dirham and dinar but in English only in fils and dinar. Since 1992, the fils and dirham are no longer used in the Arabic and the English denominations are given in dinar and either qirsh or piastres. The Central Bank of Jordan

576-491: Was suffering a recession during that time after Jordan disengaged from the West Bank in 1988. King Hussein responded to the protests by sacking Al-Rifai, lifting martial law that had been in place since 1957 , and resuming parliamentary elections that had been paused since 1967 . The King also appointed a royal commission to draft the National Charter, a document with a timetable for reforms and democratization acts. Jordan held parliamentary elections on 8 November 1989,

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