RAFIDAIN BANK'S JORDAN BRANCH RAISES CAPITAL

  The Jordan branch of Iraq's Rafidain Bank
  said it will raise paid-up capital to comply with the country's
  minimum requirement of five mln dinars by drawing on profits
  from its operations in the country.
      Jordan's government asked banks in early 1985 to comply
  with the new capital requirement -- raised from three mln
  dinars -- by the start of 1986.
      Rafidain's Area Manager Adnan Abdul Karim al-Azzawi told
  Reuters the branch had now registered its capital at the higher
  level but did not say how long it would take to pay it in. The
  bank's 1986 balance shows paid-up capital of 3.1 mln dinars.
      Banks in Jordan have generally complied with the higher
  capital requirement except Chase Manhattan which decided
  instead to close its operation, banking sources said.
      Local banks floated shares to raise extra capital, while
  the branches of foreign banks brought in additional cash.
      Banking sources said it appeared that Jordan had made an
  exception in Rafidain's case, allowing it longer to comply.
  They said the gesture refelcted close political ties between
  Jordan and Iraq as well as Baghdad's financial difficulties.
      The Jordan branch saw pre-tax profit rise 80 pct in 1986 to
  550,332 dinars on assets of 12.6 mln dinars.
  

