al-Rai: Jordan freezes 500 million dollars for former Iraqi officials
Jordan-Iraq, Economics, 9/1/2003

A Jordanian official source said that Jordan has frozen Iraqi assets estimated at 500 million dollars deposited in Jordanian banks in the names of "Iraqis who follow the former regime," or "in the name of the regime" during the war against Iraq.

The Jordanian daily al-Rai quoted a governmental source as saying that "the value of the frozen Iraqi assets in local banks frozen at the decision of the central bank is estimated at 500 million dollars which deposited in the banks in foreign currencies." It added that the "assets were deposited in the names of Iraqis of the former Iraqi regime and others in the name of the regime and the Iraqi government."

This source explained that the government measure to freeze the assets came to avoid the negative impact on the banking sector and the local economy as a result of withdrawing these assets simultaneously, especially that they are deposited in hard currencies." The source continued that the Jordanian government has started to pay "part of due sums for Jordanian companies and exporters who carried out trade contracts with the former Iraqi regime from the frozen assets," since April, according to a "mechanism carried out in coordination between the owners of these rights and the local banks and the central bank of Jordan."

Iraq was Jordan's main economic partner, absorbing 20% of its exports before the eruption of the war on March 20. In March, the Jordanian news papers said that the Jordanian Central Bank required the banks of the kingdom approval before permitting the withdrawal of sums from accounts owned by Iraqis in order to avoid any 'illegal deals'."

Jordanian Banking sources indicated that 23,000 bank accounts exist in the names of Iraqis or the names of the former Iraqi government.

Previous Stories:
  Abul Ragheb confers with al-Jaafari   (8/26/2003)
  Jordan confiscates Iraqi assets to secure Jordan's interest   (7/16/2003)
  Joint council for Jordanian, Iraqi businessmen   (6/10/2003)
  On the trade exchange size between Jordan, Iraq   (3/17/2003)
  Iraq, Jordan renew oil agreement   (11/23/2002)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search