The Banking Executive Magazine - September 2023 Issue

Jordan, Iraq Central Banks Jordan, Iraq Central Banks SIGN COOPERATION AGREEMENT Governor of the Central Bank of Jor- dan Adel Al Sharkas met Governor of the Central Bank of Iraq Ali Mohsen Al Alaq and his accompanying dele- gation to explore ways of strengthen- ing cooperation and banking and financial relations between the two countries. The two parties discussed banking is- sues of mutual interest, provided up- dates on the roles and activities of central banks and analysed develop- ments in global monetary policies. During the meeting, hosted by the Central Bank of Jordan, the two par- ties signed a cooperation and coor- dination agreement meant to expand cooperation by establishing mecha- nisms to strengthen collaboration, exchange of information and expert- ise in various areas. Besides cooperation in banking and financial supervision, the agreement touches on topics such as the super- vision and regulation of electronic payment systems, modern financial technology (FinTech), innovation, cyber security, anti-money launder- ing, counter-terrorism and the ex- change of skills and training for staff from both sides. Emphasising Jordanian banks' will- ingness to establish a presence in the Iraqi market, Sharkas said that there are currently four branches of Jordan- ian 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. the BANKING EXECUTIVE 20 ISSUE 177 SEPTEMBER 2023