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September 19, 1986 - Image 47

Resource type:
Text
Publication:
The Detroit Jewish News, 1986-09-19

Disclaimer: Computer generated plain text may have errors. Read more about this.

Jerusalem (JTA) — The
Jordanian-owned Cairo-
Amman Bank will open a
branch in Nablus shortly, the
first Arab bank to operate in
the administered territories
since 1967. The Central Bank
of Jordan announced last
Sunday that it has approved
the project toward which the
Israeli authorities have been
amenable for some time.
The bank in Nablus will be
the latest in a series of
measures taken recently by
Jordan to strengthen its ties
with the Arab residents of the
West Bank and reduce the in-
fluence of the Palestine
Liberation Organization in
the territory.
These measures include an
hour-long broadcast from
Amman on topics of general
interest to West Bank resi-
dents with a local weather
report; the opening of a cen-
tral market for agricultural
products exported from the
West Bank to Jordan, with-
out restrictive quotas; and,
according to reports from
Amman, attempts to mini-
mize emigration by West
Bank residents. Jordan will
also ease procedures for cros-
sing the Jordan river bridges.
The bank in Nablus, how-
ever is the most important
development. Previous at-
tempts to open an Arab bank
in the territory failed because
the Jordanians opposed con-
trol over it by the Bank of
Israel.
The need for a local bank is
recognized by both countries
because of the growing trade
relations between the West
Bank and Jordan. Up to now,
major transactions have
been conducted by money
changers or through overseas
banks. According to Midhat
Kan'an, manager of the Cairo-
Amman Bank, it is difficult
to do business through Israeli
banks because they do not
deal in Jordanian Dinars.
West Bank Arabs are polit-
ically divided over these
moves.

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