Central bank closes currency exchange firm in Shmeisani

AMMAN – The Central Bank of Jordan (CBJ) on Monday closed down a currency exchange company in Amman over financial violations, an informed source told The Jordan Times. 

The source, who requested to remain unnamed, said CBJ officials, accompanied by police officers, closed down the Baghdad Exchange Company after a surprise visit to its sole branch in the capital's Shmeisani area and sealed the several-storey premises. 

The exchange firm is owned by Iraqi businessman Hassan Nasser and other partners from Iraq, according to the source, who said the Baghdad Exchange Company has only one branch in Jordan and was established in Amman some six years ago. 

"There has been some talk about violations by the company but hopefully the violations will not be that large," the source said. 

The closure is the second in around a year, as the CBJ closed down Samhouri Exchange in December 2014 over administrative and financial violations committed by the management.  

The CBJ liquidated Samhouri Exchange in June 2015. 

Dozens of clients still have pending money transfers by the firm, and CBJ officials are still verifying client documents to ensure they are paid back.