Jordan, Iraq central banks sign cooperation agreement

AMMAN — Governor of the Central Bank of Jordan Adel Al Sharkas on Sunday met Governor of the Central Bank of Iraq Ali Mohsen Al Alaq and his accompanying delegation to explore ways of strengthening cooperation and banking and financial relations between the two countries.

The two parties discussed banking issues of mutual interest, provided updates on the roles and activities of central banks and analysed developments in global monetary policies. 

During the meeting, hosted by the Central Bank of Jordan, the two parties signed a cooperation and coordination agreement meant to expand cooperation by establishing mechanisms to strengthen collaboration, exchange of information and expertise in various areas. 

Besides cooperation in banking and financial supervision, the agreement touches on topics such as the supervision and regulation of electronic payment systems, modern financial technology (FinTech), innovation, cyber security, anti-money laundering, counter-terrorism and the exchange of skills and training for staff from both sides.

Emphasising Jordanian banks' willingness to establish a presence in the Iraqi market, Sharkas said that there are currently four branches of Jordanian banks licensed to operate in Iraq, each with a capital of $50 million. Two of these branches have already started operations in Iraq, Sharkas said.

Alaq said that the Central Bank of Iraq is actively working to strengthen banking relations with its Jordanian counterpart.