| 04 Jan 2009 |
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Jordan: Lower House to review temporary law on foreign currency traders
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AMMAN - The Lower House of Parliament is scheduled to convene today to discuss two laws including the 2008 Livestock Protection Fund draft law and legislation regulating foreign bourses.
The proposed Livestock Protection Fund is designed to support the livestock sector by facilitating farmers' access to low-interest loans, and is seen as a main pillar to the government's strategy to protect the sector.
Other legislation is the temporary law regulating foreign currency dealings, which was endorsed by the Cabinet last August and was followed by the voluntary liquidation of several currency trading offices and financial companies which were unable to meet the law's requirements.
The new legislation imposes stringent regulations on foreign exchange companies, requiring them to obtain a licence from the recently established Foreign Exchange Regulatory Commission.
Licence requirements include JD10 million in capital for privately owned firms and JD15 million for public firms as well as a JD500,000 licence fee.
Before the issuance of this temporary law, such companies operated under licences from municipalities or commercial chambers and were listed as general or commercial services so as not to be subject to the monitoring of the Central Bank of JordanCentral Bank of Jordan
or the Amman Stock Exchange.Amman Stock Exchange.
Lawmakers will also examine several other draft laws and amendments to refer them to their respective committees in today's session.
These include amendments to the 2008 Investment Promotion Law and the Jordan Industrial Estates Corporation Law.
In addition, deputies are expected to review the Higher Council for Traffic Safety Law, a draft law on human trafficking, in addition to amendments to the Jordan Economic Projects Development Corporation Law before referring them to the concerned committees.
By Khetam Malkawi
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