The sands shift

A strong banking industry emerged in Jordan after the Gulf War with the return of expatriates and the emergence of new US and European depositors. Returning expatriates infused the banking system with cash while high interest rates attracted new accounts from US and European citizens. Western support of Jordan's peace pact with Israel resulted in overbanking, prompting the central bank to promote mergers to strengthen banks.
Since the Gulf War, expatriates have returned with cash and a new generation of depositors has emerged. Meanwhile, the banks have shifted gear and have begun a new round of [...]