Jordan’s Central Bank Governor forced to resign

The Jordanian government’s decision to force the resignation of the Central Bank Governor, Fares Sharaf, has caused controversy amongst the banking and media communities. Sources believe that Sharaf handed his resignation to Prime Minister Marouf Bakhit on Sunday, after receiving considerable pressure from the government. Sharaf had refused to resign the day earlier. Mohammed Shaheen has been appointed as Sharaf’s replacement. Prominent economic and financial institutions expressed surprised at Sharaf’s resignation, as Sharaf only began his five year term as Central Bank Governor in November last year. Sharaf has promised to provide journalists with the full details surrounding his resignation. Political sources claim that a political dispute has emerged between Sharaf and Bakhit following Sharaf’s opposition to government legislation. Sharaf allegedly undermined the government’s position by telling other members of parliament that the government had not consulted him on legislation directly related to the central bank. Sharaf had publicly expressed his frustration with the government over this issue.